Stocks Head for Winning Week
February 03,2023 12:11 pm EST
The S&P 500 fell slightly Friday as a strong jobs report worried some investors the Federal Reserve would keep hiking rates. Sill, the broader market index is trading around its highest level in five months. It's also headed for its fourth weekly gain in five weeks as investors bet falling inflation is ahead.
The Dow Jones Industrials regained 24.47 points to pause for lunch at 34,078.41, supported by gains in Apple shares.
The S&P 500 hobbled 14.84 points to 4,164.92.
The NASDAQ Composite stepped back 43.83 points to 12,156.99.
The major averages are headed for a positive week. The S&P 500 is up more than 2% this week. The NASDAQ Composite gained more than 4% this week, on pace for its fifth-straight winning week as it rode a tech-fueled rally to outperform the other major indexes. The Dow was also higher, up 0.4%.
Investors absorbed a stronger-than-expected January jobs report that spurred bond yields higher. The U.S. economy added 517,000 jobs in January, blowing past Dow Jones estimates of a jobs gain of 187,000 last month. The 10-year Treasury yield topped 3.5% after jumping 12 basis points following the report.
Apple shares jumped about 4%, reversing earlier losses after missing estimates on the top and bottom lines in its most recent quarterly report. Meanwhile, Google-parent Alphabet fell about 0.3% following disappointing results. Amazon's stock also declined more than 4% after the e-commerce giant's report.
The earnings picture wasn't much better outside of tech, as Ford and Starbucks also missed estimates. Ford fell more than 5%, and Starbucks gave back 2%.
Investors absorbed a much-stronger-than-expected January jobs report. The U.S. economy added 517,000 jobs in January, blowing past Dow Jones estimates of a jobs gain of 187,000 last month.
Prices for the 10-year Treasury staggered, lifting yields to 3.52% from Thursday's 3.39%. Treasury prices and yields move in opposite directions.
Oil prices faded $1.21 to $74.67 U.S. a barrel.
Gold prices slumped $49.50 to $1,891.20 U.S. an ounce.
Currencies