U.S. stocks rose Friday morning as Treasury yields fell, but the market remains on track for weekly losses as earnings season gets into full swing.
The S&P 500 (^GSPC) rose about 0.5% after the benchmark ended a three-day losing streak. The Dow Jones Industrial Average (^DJI) rose 0.4%, and the tech-heavy Nasdaq Composite Index (^IXIC) rose about 0.6%.
Stocks have rebounded somewhat as lower U.S. bond yields have eased some of the recent pressure on risk appetite. The benchmark 10-year Treasury yield (^TNX) fell to around 4.18%, retreating from a three-month high of 4.25% hit midweek.
But the Dow and S&P 500 still appear to be bracing for a weak few weeks after taking a big hit from that surge amid concerns that the Federal Reserve will slow the pace of interest rate cuts. is.
Read more: How Fed Rate Cuts Affect Bank Accounts, CDs, Loans, and Credit Cards
Investors are now starting to prepare for the potential for looming disruption with next Friday’s November US jobs report and the close presidential election a week later.
Meanwhile, as the week draws to a close, the activity in earnings announcements has slowed down, with Colgate-Palmolive (CL) taking center stage.
At the same time, Tesla’s (TSLA) surprise earnings set up five other “Magnificent Seven” mega-cap stocks to report next week: Google parent Alphabet (GOOG, GOOGL), Meta (META ), Microsoft (MSFT), Apple (AAPL), Amazon (AMZN).
Elsewhere in the corporate world, Capri (CPRI) stock tumbled after a judge blocked a merger between Michael Kors’ parent company and Coach owner Tapestry (TPR).
LIVE2 update
Ending a tough week with rising stocks
U.S. stocks rose on Friday morning as Treasury yields trended lower and uncertainty over the Fed’s next move cast a shadow over earnings season, which is in full swing.
The S&P 500 (^GSPC) rose about 0.5% after the benchmark ended a three-day losing streak. The Dow Jones Industrial Average (^DJI) rose 0.4%, and the tech-heavy Nasdaq Composite Index (^IXIC) rose about 0.6%.
Stocks have rebounded somewhat as lower U.S. bond yields have eased some of the recent pressure on risk appetite. The benchmark 10-year Treasury yield (^TNX) fell to around 4.18%, retreating from a three-month high of 4.25% hit midweek.
The S&P and Dow are expected to post losses this week.
good morning. Here’s what happened today:
Economic indicators: Durable goods orders (preliminary figures for September). University of Michigan Consumer Sentiment, (October). Kansas City Fed Service Activities (October).
Revenues: New York Community Bancorp (NYCB), Colgate Palmolive (CL), Booz Allen Hamilton (BAH), Aon (AON), WisdomTree (WT), Piper Sandler (PIPR), Centene Corporation (CNC), Newell Brands (NWL) )).
Here are some of the biggest stories you may have missed overnight and early this morning.
Tesla is still a car company – and for now, that’s fine.
Capri stock craters after $8.5 billion Tapestry deal blocked
Mercedes-Benz steps up cost-cutting efforts as China’s economic slowdown puts pressure on profits
Apple’s iPhone sales in China decline in third quarter, Huawei’s share soars
Chinese robotaxi startup WeRide receives $4.21 billion valuation in U.S. IPO
BofA’s Hartnett says bets on gold are rising ahead of US presidential election
Amazon Prime introduces new benefits to save money on gas
