US Stocks Close Mixed as Yields Rebound
US stock indices closed mixed on Friday as Treasury yields rebounded, rekindling concerns about a deteriorating macroeconomic backdrop. The S&P 500 inched 0.2% higher and the Dow inched 95 points lower, while the Nasdaq added 0.7%. The 10-year yield rebounded as persistent uncertainty over Middle Eastern oil supplies drove fuel and natural gas prices higher. The threat of energy-driven inflation has affected underlying consumer prices, prompting the Fed to hike rates this week. Most FOMC members saw the need for another hike. Credit-sensitive sectors fell, with banks and asset managers posting losses. Bank of America lost 0.8%, while Goldman Sachs fell 1%. AI hyperscalers were mostly lower amid their debt issuance spree to fund capital expenditures. Meta shed 2.4%, while Oracle lost 2%. Chipmakers were mostly higher, with Broadcom up 3% and Micron rising 3.9%, offsetting losses in the Nasdaq. On the week, the Dow shed 733 points, the Nasdaq rose 2.6% and the S&P 500 gained 0.7%.
US stock indices closed mixed on Friday as Treasury yields rebounded, rekindling concerns about a deteriorating macroeconomic backdrop. 7%. The 10-year yield rebounded as persistent uncertainty over Middle Eastern oil supplies drove fuel and natural gas prices higher. The threat of energy-driven inflation has affected underlying consumer prices, prompting the Fed to hike rates this week.
Most FOMC members saw the need for another hike. Credit-sensitive sectors fell, with banks and asset managers posting losses. 8%, while Goldman Sachs fell 1%. AI hyperscalers were mostly lower amid their debt issuance spree to fund capital expenditures.
4%, while Oracle lost 2%. 9%, offsetting losses in the Nasdaq. 7%.