U.S. stocks moved slightly higher on Friday and the market headed for a losing week as investors braced for tighter monetary policy from the Federal Reserve.
The Dow Jones Industrials popped 252.68 points to 34,836.25.
The S&P 500 recovered 10.21 points to 4,510.42
The NASDAQ Composite remained negative, however, 75.37 points to 13,821.93, on pace for its first weekly loss in four weeks.
Tech stocks led Friday's losses as investors dumped the riskier shares in anticipation of higher interest rates limiting the group's future profit growth. Chipmakers like Nvidia and Micron, which have struggled amid supply chain shortages and concerns of a looming recession, dipped 3% and 1.5%, respectively, while shares of Tesla, Alphabet, and Apple inched lower.
UPS fell 1.1% on the back of a downgrade from Bank of America citing concerns about weakening demand and declining prices in the industry.
The health-care and consumer staples sectors rallied this week as investors worried about a slowing economy pivoted toward stocks with stable earnings.
Merck, Home Depot and UnitedHealth Group inched higher again on Friday. Financial sector companies like JPMorgan Chase and American Express rebounded, giving up some of the week's earlier losses
Treasury prices fell as yields increased to 2.69%, from Thursday's 2.65%. Treasury prices and yields move in opposite directions.
Oil prices strengthened $1.05 to $97.08 U.S. a barrel.
Gold prices added $10.00 to $1,948.10 U.S. an ounce.