Dow Slips After Nearing 40K

Stocks slipped on Friday, but the major averages headed for a winning week and the Dow Jones Industrial Average barreled toward its best week of the year.

The 30-stock index slipped 186.83 points to 39,594.74.

The S&P 500 index staggered 5.84 points to 5,235.69.

The NASDAQ poked ahead 11.1 points to 16,412.94.

FedEx rose more than 8% after posting adjusted earnings that beat analyst estimates, while Nike sank 8.2% on disappointing guidance and slowing China sales. Lululemon slid 18.6% on weak guidance and slowing growth in North America, and headed for its worst day since March 2020.

All three major averages are tracking for healthy gains this week, with the S&P 500 on pace for a 2.3% pop and the NASDAQ rising 2.6%. The Dow is the outperformer of the three, up 2.3% and on pace for its best week since December.

Prices for the 10-year Treasury were higher, lowering yields to 4.21% at Thursday’s 4.27%.

Oil prices lost 20 cents to $80.87 U.S. a barrel.

Gold prices sank $17.30 to $2,167.40.