U.S. stocks whipsawed on Friday, eventually resuming their earlier rally as bond yields jumped and investors digested earnings from hyperscalers, including Apple.
The Dow Jones Industrials gained 97.43 points mid-Friday to 51,305.49.
The S&P 500 waned 0.72 points to 7,436.91.
The NASDAQ Composite dipped 14.84 points to 25,107.33.
Despite the week’s sharp swings, the major averages remained on track to finish higher. The Dow was up about 0.9% for the week, along with the S&P 500. The NASDAQ Composite was ahead about 1.2%.
The moves come as investors lost faith in Fed Chairman Kevin Warsh’s commitment to curb inflation, leading yields to jump.
While Warsh indicated he is committed to the inflation fight, he did say this week, “We’ve got no magic wand.” On top of that, the Fed voted to keep rates steady.
Apple was more than 9% lower. The firm’s fiscal third-quarter revenue topped expectations, helped by a 22% jump in iPhone sales, though a shortfall in service revenue pushed its stock lower.
Amazon, in contrast, surged 11% after reporting better-than-expected second-quarter revenue. The results, which were aided by the strength of its cloud-computing business, reinforced investor confidence in artificial intelligence spending.
Prices for the 10-year Treasury sank, raising yields to 4.74% from Thursday’s 4.67%. Treasury prices and yields move in opposite directions.
Oil prices jumped $1.41 to $85.00 U.S. a barrel.
Gold prices slid $62.50 to $4,088.30 U.S. an ounce.
