Stock market today: Dow ekes out gain to notch longest win streak since 2017

investing.com:

Investing.com — The Dow eked out a win Friday, notching its 10th-straight weekly gain and extending its longest win streak since 2017, led by a climb in defensive corners of the market including utilities amid cautious trading ahead of quarterly results from big tech next week.

The Dow Jones Industrial Average rose 0.01%, or 3 points, notching its longest daily win streak since Aug. 7, 2017. The Nasdaq was down 0.2%, and the S&P 500 was up 0.1%.

Chip stocks were pushed higher by a rally in Qualcomm Incorporated (NASDAQ:QCOM) that helped improve sentiment on chips, a day after Taiwan Semiconductor Manufacturing's (NYSE:TSM) outlook spooked chip investors.

The Taiwanese chipmaker warned of a 10% drop in sales on Thursday as a weaker global economy is expected to weigh on chip demand.

Big tech, traded flat to lower intraday, as investors looked ahead to quarterly results from Alphabet (NASDAQ:GOOGL) and Microsoft (NASDAQ:MSFT) due Tuesday after the market closes.

Both tech behemoths are up sharply year-to-date, driven by optimism that demand for artificial intelligence will bolster future growth.

American Express (NYSE:AXP) reported mixed second-quarter results as earnings beat, but revenue missed as customers reined in spending on the firm’s credit cards. Its shares fell nearly 4%.

AutoNation (NYSE:AN) slumped 12% as fears that easing car prices could hurt margins offset the automotive retailer’s second-quarter results that topped Wall Street estimates on both the top and bottom lines.

“Margin compression will continue, but won't reach the levels — certainly this year, in my opinion — that we saw pre-pandemic,” Mike Manley, AutoNation’s chief executive officer, said on an earnings call that followed the results.

In a sign