Wall Street ends mixed: Nasdaq rises, Dow falls as banks weigh
Nasdaq ends up ~0.6%; S&P 500 ~flat, Dow off ~0.6%
Utilities weakest S&P sector; Comm Svcs leads gainers
Dollar, gold up; crude up ~2%; bitcoin off ~2%
U.S. 10-Year Treasury yield rises to ~4.24%
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WALL STREET ENDS MIXED: NASDAQ RISES, DOW FALLS AS BANKS WEIGH
Shares on Wall Street ended mixed on Friday. The Nasdaq .IXIC closed higher led by megacap stocks, with chip heavyweight Nvidia NVDA.O gaining and briefly overtaking Apple AAPL.O as the world's most valuable company based on its shares. The IXIC earlier hit a record intra-day high.
The S&P 500 .SPX ended roughly flat, surrendering earlier gains, while the Dow .DJI fell, weighed down by McDonald's MCD.N as the fast-food chain deals with an E. coli outbreak linked to its hamburgers. The Dow was also pressured by weakness in some bank shares led by Goldman Sachs GS.N and JPMorgan Chase JPM.N.
Dave Rosenberg, founder and CEO of Rosenberg Associates, put out his latest technical note on the S&P 500 late on Friday and the prognosis is not very flattering. He wrote that based on his measure of long-term momentum, the S&P 500 is on pace to peak by as early as December and be in a "confirmed downtrend" by January to February.
"At this early stage, the initial expectation is that the subsequent long-term bearish bias will persist through much of 2025 and possibly into 2026," Rosenberg said.
Investors are also looking to next week's bevy of results from giant tech firms including Alphabet GOOGL.O, Apple and Microsoft MSFT.0.
The U.S. nonfarm payrolls report is also due out next week and that should help guide the data-dependent Federal Reserve on the magnitude of the rate cuts this year and next.
U.S. nonfarm payrolls are expected to show that new jobs of 123,000 jobs were added in October, according to a Reuters poll. Analysts say the risk is on the downside for jobs, with hurricanes likely and the Boeing BA.N strike likely weighing on the numbers.
Here is the closing market snapshot:
(Gertrude Chavez-Dreyfuss)
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FOR FRIDAY'S EARLIER LIVE MARKETS POSTS:
INVESTORS BRACE FOR RESULTS FROM BIG NAMES NEXT WEEK - CLICK HERE
CITI VOTES FOR BANKS, WHOEVER GETS THE WHITE HOUSE - CLICK HERE
INDIVIDUAL INVESTOR BULLS TUMBLE TO A 6-MONTH LOW - AAII - CLICK HERE
TGIF DATA ROUNDUP: CORE GOODS ORDERS BEAT, CONSUMER MOOD GETS A BOOST - CLICK HERE
WALL STREET ON THE MEND, GETS REPRIEVE FROM LOWER TREASURY YIELDS - CLICK HERE
DOW INDUSTRIALS: FROM WEEKLY WIN STREAK TO DAILY LOSING STREAK - CLICK HERE
TIME TO TAKE PROFIT ON SOME TRUMP TRADES, CITI SAYS - CLICK HERE
RACHEL REEVES WALKING A TIGHTROPE WITH BUDGET - RBC BLUEBAY - CLICK HERE
SHARP SWINGS - CLICK HERE
EUROPE BEFORE THE BELL: BUSY EARNINGS, CHINA GETS THE BLAME - CLICK HERE
MARKETS ENTER THE EYE OF RISK-EVENT STORM - CLICK HERE
US closing snapshot https://tmsnrt.rs/4e16BTO
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