Stock market today: Wall Street slips, but is still on track for weekly gains
Stocks are slipping in afternoon trading on Wall Street but not enough to erase the market's gains for the week
NEW YORK — Stocks slipped in afternoon trading on Wall Street Friday but not enough to erase the market’s gains for the week.
The S&P 500 fell 0.8%. The benchmark index is on track for weekly gains that would help trim some of last week's losses. The Dow Jones Industrial Average fell 181 points, or 0.5%, to 34,727 as of 12:49 p.m. Eastern. The Nasdaq fell 1.2%,
Technology stocks were the biggest drag on the market. Microsoft fell 1.6% and chipmaker Nvidia fell 2.5%.
U.S. automaker stocks were proving to be resilient after members of the United Auto Workers union walked off the job at several plants overnight. Ford rose 0.6%, General Motors rose 1.1% and Stellantis gained 2.3%.
Bond yields gained ground. The yield on the 10-year Treasury rose to 4.33% from 4.29% late Thursday. The yield on the 2-year Treasury rose to 5.03% from 5.02% late Thursday.
Investors spent much of the week reviewing mostly healthy updates on the U.S. economy. The reports came ahead of next week's Federal Reserve meeting, where the central bank is expected to continue holding interest rates steady.
“Things were fairly in line from a data perspective,” said Matthew Stucky, senior portfolio manager at Northwestern Mutual Wealth Management. “Really, the market is laser-focused on what's going to impact Federal Reserve activity.”
The central bank raised rates aggressively through 2022 and 2023 in an effort to tame inflation, but it maintained interest rate levels at its last meeting. Inflation has generally been easing back to the central bank's target of 2%.
“A lot of the optimism about the Fed pausing is priced into markets,” Stucky said.
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