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S&P 500 is little changed as Treasury yields rise; index heads for losing week: Live updates
The Dow Jones Industrial Average slid on Friday as traders wrapped up a volatile week and navigated rising Treasury yields and elevated oil prices along with the Federal Reserve's first rate hike in three years.
The 30-stock Dow shed 95.40 points, or 0.18%, to close at 51,682.64. The S&P 500 rose 0.17% to end at 7,650.50, while the Nasdaq Composite advanced 0.39% to settle at 26,522.55.
Treasury yields increased, weighing on equities. The 10-year yield, which climbed above 5% to hit its highest level since July 2007 earlier in the week, briefly rose back above that threshold after sliding Thursday. It was last up almost 6 basis points at 5.006%.
U.S. crude oil finished the week relatively unchanged but still remained above $100 per barrel. On Friday, West Texas Intermediate crude futures fell 1.58% to settle at $100.30 a barrel. Global benchmark Brent crude futures dropped 0.91% to close at $103.87 a barrel.
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Stock market today: Dow, S&P 500 post weekly losses as 10-year Treasury yield hovers near 5%
US stocks were mixed on Friday as investors continued to calibrate to the Federal Reserve's first rate hike in three years and existential fears about artificial intelligence's capabilities.
The tech-heavy Nasdaq Composite (^IXIC) rose 0.4% but ended the week in green. Meanwhile, the S&P 500 (^GSPC) rose 0.2% but eked out a loss for the week. The Dow Jones Industrial Average (^DJI) was down 0.2% and lost more than 1.5% for the week.
The 10-year Treasury yield (^TNX) rose 5 basis points to hover near the 5% level as traders increased bets that the Fed will raise rates again in October.
Markets appeared to look past the Fed's 25 basis point rate hike this week, which was widely expected. US stock continued to climb after the Bank of Japan raised interest rates to the highest level in 31 years.
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