The S&P 500 Index slips slightly on Friday but heads for weekly gains: Live Updates

Stocks were mixed on Friday as investors weighed early headline gains and rising inflation expectations.

The Dow Jones Industrial Average gained about 47 points, or 0.1%. The S&P 500 lost 0.3% and the Nasdaq Composite lost 0.8th %.

Major indices hit session highs following the release of consumer confidence data on Friday. Consumer confidence data fell in October as inflation expectations rose, according to a closely watched University of Michigan study.

A series of mostly positive reports from major financial companies kicked off the third-quarter earnings season on Friday.

JPMorgan Chase and Wells Fargo reported better-than-expected third-quarter earnings and sales.JPMorgan Chase shares rose 2.9% and Wells Fargo shares rose 3.7%. Citigroup also rose 2.4, signaling improving revenue.BlackRock shares fell after the company’s revenue met expectations.

UnitedHealth Group, the top-selling health insurer, rose 3.1%. UnitedHealth has the highest price per share of all Dow stocks, giving it the greatest impact on the performance of the benchmark index.

investors also closely monitored government bond yields.

The 10-year Treasury yield fell nearly 8 basis points to 4.633%. The yield on the two-year Treasury note was nearly 2 basis points lower, at 5.047%. An inverse connection exists between yields and prices.

Philadelphia Federal Reserve President Patrick Harker said he believes the central bank “can maintain interest rates at current levels.” “Rates continue to dominate and that is the recovery we have seen since last Friday,” said Adam Turnquist, chief technical strategist at LPL Financial. We’re observing initial indications of a potential capitulation, yet our determination to resist the ongoing uptrend in long-term profitability remains steadfast.

Unless the 10-year Treasury yield falls to around 4.35%, Turnquist sees a “difficult and potentially uncertain market as we look to October.”

The S&P 500 is up more than 0.6% this week, while the Dow is up 0%.8th %. The Nasdaq is slightly above flat levels this week. This would be the third consecutive positive week for the Nasdaq and the second consecutive positive week for the S&P 500. The Dow is also looking at a streak of three straight weekly declines.

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