TXG:CC - S&P Falls But Still Points to Weekly Gain
Stocks were mixed Friday as traders assess the first batch of major earnings and rising inflation expectations.
The Dow Jones Industrials recovered 51.87 points to stop for lunch Friday at 33,683.01.
The S&P 500 index dropped 12.77 points to 4,366.84.
The NASDAQ index slumped 127.2 points at 13,447.02.
The S&P 500 is up more than 0.6% for the week, while the Dow is up 0.8%. The NASDAQ is just above flat for this week. This would be the third positive week in a row for the tech-heavy index, and the second straight positive week for the S&P 500. The Dow is also set to snap a string of three straight weekly declines.
The major indexes came off their session highs after consumer sentiment data was released earlier Friday. According to the University of Michigan's closely watched survey, consumer sentiment data slumped in October while inflation expectations spiked.
A slew of largely positive reports from major financial firms on Friday kicked off the third-quarter earnings season.
JPMorgan Chase and Wells Fargo posted higher-than-expected profit and revenue numbers for the third quarter. Shares of JPMorgan Chase added 2.9% and Wells Fargo rose 3.7%. Citigroup also jumped 2.4% after posting a beat on revenue. BlackRock's shares edged lower after the company's revenue came out in line with expectations.
UnitedHealth Group, the largest health insurer by revenue, gained 3.1% on earnings. UnitedHealth has the highest price per share of any Dow stock, giving it the most influence over the benchmark's performance.
Prices for the 10-year Treasury rose sharply in the first hour, lowering yields to 4.64% from Thursday's 4.71%. Treasury prices and yields move in opposite directions.
Oil prices added $3.67 to $86.58 U.S. a barrel.
Gold prices were better by $51.90 to $1,934.90.