US Stocks Climb but End the Week Mixed as Investors Worry About a Coming Recession
US Stocks Climb but End the Week Mixed as Investors Worry About a Coming Recession
- US stocks rose on Friday, but had a mixed performance for the week as investors worry about an upcoming recession.
- The Nasdaq closed the week with a gain, though the Dow and the S&P 500 finished lower.
US stocks rose on Friday, but saw mixed results over the week as investors continue to fear an oncoming recession.
The Dow and S&P 500 notched weekly losses of 3% and 0.9%, respectively, while the Nasdaq gained 0.5% as tech stocks rallied on fresh corporate earnings and layoffs sweeping the sector.
Netflix jumped 7% after posting unexpected subscriber growth, and Google parent Alphabet climbed 5% after announcing it would slash 12,000 employees.
Those moves come amid an ever-gloomier macro backdrop, with expectations for the Fed to take interest rates higher to rein in inflation, while risking a recession.
Philadelphia Fed President Patrick Harker and Fed Governor Christopher Waller were the latest central bankers to support a 25-basis-point rate hike in February, softer than December’s rate hike of 50-basis-points.
Here’s where US indexes stood at the 4:00 p.m. closing bell on Friday:
- S&P 500: 3,972.60, up 1.89%
- Dow Jones Industrial Average: 33,375.49, up 1.00% (330.93 points)
- Nasdaq Composite: 11,140.43, up 2.66%
Here’s what else is going on:
- The stock market could be ready to flip upside down if inflation rebounds ahead of an upcoming recession, according to Bank of America.
- A 1970s-style financial crisis is coming for the economy if the Fed abandons its inflation target, former Treasury Secretary Larry Summers warned.
- The huge wave of tech layoffs means the sector could rally 20%, according to Wedbush’s Dan Ives.
- Netflix is in a league of its own and on the way to being the most valuable media company in the world, according to market veteran Tom Rogers.
In commodities, bonds, and crypto:
- Oil prices climbed, with West Texas Intermediate up 1.33% to $81.40 a barrel. Brent crude, the international benchmark, inched 0.17% higher to $87.78 a barrel.
- Gold ticked 0.20% lower to $1,928.46 per ounce.
- The 10-year yield climbed 8 basis points to 3.48%.
- Bitcoin rose 3.75% to $21,900.79.
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