Stocks are slipping in morning trading on Wall Street but not enough to erase the market's gains for the week.
Stocks slipped in morning trading on Wall Street on Friday but not enough to erase the market’s gains for the week.
The Standard & Poor’s 500 fell 0.5%. The benchmark index is on track for weekly gains that would help trim some of last week’s losses. Th Dow Jones industrial average fell 28 points, or 0.1%, to 34,876 as of 10:05 a.m. Eastern. The Nasdaq composite fell 0.9%, Technology stocks were the biggest drag on the market. Microsoft fell 1.6% and chipmaker Nvidia fell 1.4%.union walked off the job at several plants overnight. Ford rose 1%, General Motors rose 1.8% and Stellantis gained 2%.About 13,000 auto workers went on the picket line at three separate plants after contract talks over wages and benefits broke down late Thursday.
Bond yields were mixed. The yield on the 10-year Treasury rose to 4.30% from 4.29% late Thursday. The yield on the 2-year Treasury fell to 5.01% from 5.02% late Thursday.. The reports came ahead of next week’s Federal Reserve meeting, where the central bank is expected to continue holding interest rates steady.
The central bank raised rates aggressively through 2022 and 2023 in an effort to tame inflation, but it maintained interest rate levels at its last meeting. Inflation has generally been easing back to the central bank’s target of 2%.at retailers last month than economists expected. That reflects a remarkably resilient job market, which has withstood a steep jump in interest rates.Advertisement
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