Stocks finished mixed Friday as investors grappled with a sharp rise in Treasury bond yields, election uncertainty and the prospect of slower Federal Reserve rate cuts.
The Dow Jones Industrial Average lost 259.96 points, or 0.61% to close the day at 42,114.40, while the S&P 500 slipped 0.03% to end at 5,808.12, and the tech-heavy Nasdaq gained 103.12 points, or 0.56%, to finish the session at 18,518.61, just shy of a record high close.
The S&P 500 and Dow snapped a six-week winning streak, according to CNBC.
The former was off nearly 1% on the week, while the latter ended the period lower by 2.7%. The Nasdaq notched its seventh weekly gain, advancing nearly 0.2%.
Updated at 12:34 PM EDT
Boeing back to earth?
Boeing shares edged higher in afternoon trading as the Wall Street Journal reported that the troubled planemaker is exploring the sale of its space business as part of the longer-term turnaround strategy of new CEO Kelly Ortberg.
The Journal also said Ortberg, who fired the head of Boeing's defense division - which houses its space business - last month, has held discussions with Jeff Bezos-owed Blue Origin about taking over some of its contracts with NASA.
Boeing shares were last marked 0.75% higher on the session and changing hands at $156.25 each.
Updated at 10:41 AM EDT
Extending gains
Steady Treasury yields and some late-week catch-up from investors has stocks extending gains in the opening hour, with the S&P 500 last up 51 points, or 0.9% and the Nasdaq rising 273 points, or 1.48%, with next week's slate of Magnificent 7 earnings in focus.
"Expectations for the next few quarters still favor technology driving the earnings growth bus and the Mag 7 is obviously driving technology earnings," said Nancy Tengler, CEO and chief investment officer at Laffer Tengler Investments.
"We think the Mag 7 will not disappoint. Whether that results in price outperformance we will see," she said.
"Microsoft and Amazon have been sidelined due to large capex buckets the street worries about," she added. "Good for Nvidia and other chip names but when it is all said and done Microsoft will deliver $74 billion in [free-cash flow] after $45 billion in capex. Amazon will generate $53 billion in [free-cash flow] and Google will deliver $70 billion."
Updated at 9:34 AM EDT
Firmer open
The S&P 500 was marked 29 points, or 0.51% higher in the opening minutes of trading, while the Nasdaq gained 125 points, or 0.68%.
The Dow was marked 204 points higher while the mid-cap Russell 200 index gained 14 points, or 0.62%.
Benchmark 10-year note yields were last marked 2 basis points lower on the session at 4.186%, with 2-year notes pegged at 4.057%
Updated at 8:45 AM EDT
Apple dip
Apple shares are moving lower in early trading following a rare downgrade from a top Wall Street analyst and disappointing China sales data for its new iPhone 16.
IDC said Apple's third quarter sales fell 0.3%, compared to a 42% surge for China-backed Huawei, which unveiled a new Mate XT Ultimate Design in September.
Apple shares were marked 0.4% lower in premarket trading to indicate an opening bell price of $229.64 each.
Related: Analyst revisits Apple stock rating amid new China iPhone 16 data
Stock Market Today
Stocks ended higher on Thursday, with tech stocks powered in part by the strongest single day gain for Tesla (TSLA) shares since 2005 after the carmaker topped Wall Street earnings forecasts and issued a robust production and delivery outlook.
Magnificent 7 peers Google (GOOGL) , Apple (AAPL) and Amazon (AMZN) are also slated to report September-quarter earnings next week as investors look to the market's most-influential sector, which has lagged since late summer, to underpin the anticipated rally into the final months of the year.
"Despite Tesla's earnings boost, uncertainty persists around broader tech performance, particularly with IBM's slump," Saxo Bank strategists wrote. "Implied volatility in Tesla and Nvidia remains at elevated levels above 50%, signaling potential large price moves ahead."
Investors are also tracking the dead heat Presidential election, which is now just eleven days away, and the implication a victory for either candidate, as well as the House of Representatives and the 34 Senate seats in play, will have on the nation's economy.
That, alongside messaging from Fed officials suggesting a slower pace of rate cuts as the economy continues to outperform, has trigged significant turmoil in the Treasury market and lifted benchmark 10-year note yields more than 50 basis points since late September.
The paper was last marked 2 basis points lower at 4.20% heading into the start of the New York trading session, with rate-sensitive 2-year notes inching 1 basis point higher to 4.068% following yesterday's better-than-expected weekly jobless claims data.
Related: Legendary hedge fund manager sounds alarm on US debt (Here's why he's wrong)
Heading into the start of the trading day on Wall Street, futures contracts tied to the S&P 500 suggest a modest 17 point opening bell gain, while those tied to the Dow Jones Industrial Average are priced for a 104 point move to the upside. The tech-focused Nasdaq is called 65 points higher.
Stocks on the move include Apple, which fell 0.85% following some weak iPhone 16 sales data from China, as well as Tesla, which slipped 1.45% from yesterday's near 22% surge.
More Wall Street Analysts:
- Analysts update Meta stock price target with Q3 earnings in focus
- Analysts update outlook for Nvidia's Blackwell chips amid AI boom
- Analyst reboots Reddit stock price target ahead of earnings
In overseas markets, a surprisingly upbeat reading for investor sentiment in Germany, as well as a solid day of earnings on Thursday, helped the Stoxx 600 index to an early 0.11% gain, with the FTSE 100 in Britain rising 0.05%.
Overnight in Asia, the region-wide MSCI ex-Japan benchmark slipped 0.02% into the close of trading, while the Nikkei 225 fell 0.6% in Tokyo ahead of perhaps the most consequential national elections in decades slated for this Sunday.
Related: Veteran fund manager sees world of pain coming for stocks
