Markets Stumble at Outset, Still Aiming for 3rd-Straight Weekly Gain

Stocks slid on Friday as investors looked to keep this month’s gains going.

The Dow Jones Industrials dropped 17.01 points to open the Friday session at 34,928.46.

The S&P 50 index fell 3.58 points to 4,503.82.

The NASDAQ sank 34.67 points to 14,079.

Gap shares leapt 18% after the company posted better-than-expected results for the third quarter. Electric vehicle charging network ChargePoint slid 36% after announcing a shake-up in its C-suite and cutting its forecast for third-quarter revenue.

All three averages are on pace for weekly gains — and that would mark their third straight positive week. The S&P 500 and the NASDAQ are up more than 2% through Thursday’s close, while the Dow is on pace for a 1.9% rise.

Those gains were sparked by tame U.S. inflation data that gave hope to investors that the worst of inflation — as well as the Federal Reserve’s tough stance on rate policy — may be in the rearview mirror.

The question is whether traders will be able to maintain that optimism for the remainder of the month. In November, the S&P 500 is up 7.5%, while the Dow has a 5.7% gain. The NASDAQ has leapt 9.8%.

Prices for the 10-year Treasury fell, raising yields to 4.44% from Tuesday’s 4.45%. Treasury prices and yields move in opposite directions.

Oil prices grew $1.46 to $74.36 U.S. a barrel.

Gold prices slumped $3.90 to $1,983.40.