The Dow Jones Industrial Average closed at 35,677.02 on Friday with a gain of 73.94 points or 0.21%. The S&P 500 closed at 4,544.90 for a loss of 4.88 points or -0.11%. The Nasdaq Composite closed at 15,090.20 for a loss of 125.50 points or -0.82%. The VIX Volatility Index was higher at 15.43 for a gain of 0.42 points or 2.80%.
For the year, the Dow Jones has a gain of 16.51%, the S&P 500 is up 21%, and the Nasdaq has a gain of 17.1%.
Market movers
U.S. stocks ended the day mixed on Friday. The Dow Jones reported a new record closing high. For the week, the Dow Jones gained 1.1%, the S&P 500 gained 1.6% and the Nasdaq Composite had a return of 1.3%.
On Friday, the technology sector reported the greatest losses. The Nasdaq Composite was down 0.82%, keeping the index to only a 1.3% gain for the week. Snap (SNAP, Financial) contributed to the tech selloff Friday, down 26.66% after its future earnings outlook was sadly disappointing for investors. The company cited several challenges across tech, including digital advertising concerns. Also, Intel (INTC, Financial) shares were down 11.68% Friday after the company reported weak earnings result. On a positive note, Donald Trump’s Digital World Acquisition Corp. (DWAC, Financial) started trading this week, with a two-day gain of approximately 845%.
On the economic calendar Friday and in other news this week:
- The Markit Composite PMI increased to 57.3 in October from 55. Separately, the Markit Manufacturing PMI increased to 59.2 from 60.7 and the Markit Services PMI increased to 58.2 from 54.9.
- Federal Reserve Chair Jerome Powell gave a speech, noting that the U.S. could reach maximum employment next year.
- The weekly Baker Hughes oil rig count showed a decrease of one rig in the U.S., a decrease of four rigs in Canada and an increase of 10 rigs internationally.
- The Treasury’s September Monthly Budget Statement showed a deficit of $62 billion.
- President Joe Biden says he doesn’t believe he will have the votes to increase corporate taxes.
- The House approved an extension of the debt ceiling into next year.
- Inflation continued to remain high in September, with Fed officials expecting this metric to stay elevated into next year.
- The first exchange-traded fund linked to bitcoin was launched.
- China reported a surprisingly lower rate of gross domestic product at 4.9% versus 7.9% in its previous quarter.
Across the board Friday:
- Global X Social Media ETF (SOCL, Financial) declined 4.62%.
- Financial Select Sector SPDR Fund (XLF, Financial) rose 1.40%.
- Remark Holdings (MARK, Financial) soared 138.44%.
- HG Holdings Inc. (STLY, Financial) climbed 39.32%.
- Altabancorp (ALTA, Financial) was up 13.64%.
- eBay Inc. (EBAY, Financial) increased 5.75%.
- Core Lithium Ltd. (CXO) rose 8.7%.
- American Express Co. (AXP, Financial) saw a gain of 5.42% with its earnings report.
- Beyond Meat’s (BYND, Financial) stock fell11.80% after it issued a revenue warning for the third quarter.
- 23andME Holding Co. (ME, Financial) gained 5.23% after it announced an agreement to buy Lemonaid Health.
- The 10-year Treasury ended with a yield of 1.638%.
Small-cap stocks Friday
In small caps, the Russell 2000 closed at 2,291.27 for a loss of 4.92 points or -0.21%. The S&P 600 closed at 1,381.14 for a gain of 0.67 points or 0.049%. The Dow Jones U.S. Small-Cap Growth Index closed at 15,290.70 for a loss of 29.72 points or -0.19%. The Dow Jones U.S. Small-Cap Value Index closed at 11,448.18 for a gain of 5.62 points or 0.05%.
Other notable indexes Friday
Other notable index closes included the S&P 400 Mid-Cap Index at 2,796.84 for a gain of 3.10 points or 0.11%; the S&P 100 at 2,078.70 for a loss of 7.22 points or -0.35%; the Nasdaq 100 at 15,355.06 for a loss of 134.52 points or -0.87%; the Russell 3000 at 2,701.86 for a loss of 3.91 points or -0.14%; the Russell 1000 at 2,555.17 for a loss of 3.57 points or -0.14%; the Wilshire 5000 at 47,231.45 for a loss of 92.86 points or -0.20%; and the Dow Jones U.S. Select Dividend Index at 859.70 for a gain of 2.82 points or 0.33%.
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