US benchmark equity indexes closed mixed Friday as investors evaluated the latest set of corporate financial results.
The Nasdaq Composite fell 0.2% to 13,290.8, while the Dow Jones Industrial Average rose 0.1% to 34,500.7. The S&P 500 was little changed at 4,369.7. Communication services saw the steepest decline among sectors, while energy led the gainers.
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For the week, the Dow slid 2.2%, while the S&P 500 lost 2.1%. The Nasdaq declined 2.6%.
In company news, Keysight Technologies (KEYS) shares plunged nearly 14% Friday, the worst performer on the S&P 500. On Thursday, the company issued a downbeat outlook for its fiscal fourth quarter despite logging higher third-quarter adjusted per-share earnings year over year.
Ross Stores (ROST) was the top gainer on the benchmark index, up 5%. The discount retailer late Thursday reported stronger-than-expected fiscal second-quarter results and raised its full-year expectations.
Applied Materials (AMAT) was the next best performer on the S&P 500, up 3.7%. The semiconductor equipment manufacturer late Thursday delivered better-than-expected fiscal third-quarter results and issued an upbeat outlook for the ongoing three-month period.
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Estee Lauder (EL) said Friday it expects to report a loss in its ongoing fiscal first-quarter even as the cosmetics company turned a surprise profit in the preceding three-month period. The stock was down 3.3%, among the steepest declines on the S&P 500.
Deere & Co. (DE) fell 5.3%, the second-worst performer on the index, even as the company raised its full-year profit outlook on positive momentum in the farm and construction sectors. For its fiscal third-quarter, Deere logged better-than-expected results.
The US 10-year yield dropped 5.3 basis points to 4.26% Friday, while the two-year rate fell 2.1 basis points to 4.94%.
“The notion of higher-for-longer rates has resulted in a meaningful rise in bond yields in a relatively short period of time,” Stifel said in a note. Since the start of the month, the 10-year rate has rallied 23 basis points, approaching the highest level since 2007, the brokerage said.
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“While the notion of a stronger economy is a welcomed indication, the (Federal Reserve) may be able to achieve a soft landing, such ongoing resilience, however, will demand a stronger policy response to ensure a return to price stability — eventually — ensuring a downturn in activity,” according to the note.
On Wednesday, minutes from the Federal Open Market Committee’s July 25-26 meeting showed that most committee members saw “significant upside risks” to inflation, which could prompt the central bank to further raise its benchmark lending rate.
West Texas Intermediate crude oil rose 1.1% to $81.27 per barrel Friday.
Gold gained 0.2% to $1,918.20 per troy ounce, while silver added 0.4% to $22.80 per ounce.
