Stocks rise on Friday, but Wall Street faces weekly losses: live updates

The S&P 500 Index rebounded on Friday, but the market was still poised to end the week with big losses.

The broader market index rose 0.6%, while the Nasdaq Composite gained 0.9%. The Dow Jones Industrial Average rose 83 points to 0.3%.

Ford rose more than 3% after a source told web-open-market-place that the auto giant was making progress in negotiations with the striking United Auto Workers union. Stellantis and General Motors, the other two union-busting automakers, also posted gains.

These developments signal a departure from the recent three-day losing streak among mid-majors. Investors reacted to the Federal Reserve’s indication to maintain elevated interest rates, leading to the incurred losses.

This week, the S&P 500 Index and the technology-based Nasdaq Composite fell 2.2% and 2.7%, respectively. It would be the third bad week in a row for both of them. The largest Dow index fell by 1.5% per week.

Bond yields rose after the central bank forecast another rate hike in 2023. The benchmark 10-year Treasury yield reached its peak for the first time in over a decade during this week. At the same time, the yield on the two-year bond reached its loftiest point since 2006.

“It’s starting to raise investor eyebrows,” said Charlie Ripley, senior investment strategy specialist at Allianz Investment Management.“Investors are getting used to higher interest rates and what that will mean for risky assets in the future.”

Worries have grown over the government shutdown, raising concerns that it might erode consumer confidence and exacerbate the economic deceleration. On Thursday, Republican Party leaders in the House of Representatives ordered the House to adjourn.

Jamie Cox, the managing partner at Harris Financial, remarked that investors are closely monitoring the market with apprehension about a potential business downfall. “Markets are simply waiting for this to happen and then trying to minimize the duration.»

All sectors of the S&P 500 index closed the week in the red

Despite Friday’s rebound, all 11 sectors of the S&P 500 remained on track to end the week in the red.

The overall index will end the week with a loss of more than 2%. Some of this downward pressure is coming from consumer and real estate stocks, with both S&P 500 sectors expected to post losses of more than 4%.

Casino Stocks Caesars Entertainment and MGM Resorts led the decline in discretionary spending, with shares of both companies falling more than 10% this week. Alexandra Real Estate Equities, the worst-performing stock among real estate stocks in the index, led the sector with a decline of about 10% this week.

Healthcare was the only sector out of 11 to end the week with a decline of less than 1%. The sector got a boost this week from Humana’s 5% rise, as well as McKesson and Cencora, which rose more than 4%.

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