The Nasdaq MarketSite in New York on Sept. 16, 2024.
Yuki Iwamura | Bloomberg | Getty Images
The Nasdaq Composite climbed to an all-time high on Friday, boosted by megacap tech stocks.
The tech-heavy index rose 0.56% to 18,518.61, while the S&P 500 inched 0.03% lower to end at 5,808.12. The Dow Jones Industrial Average shed 259.96 points, or 0.61%, to close at 42,114.40.
Tech stocks boosted the market ahead of their upcoming earnings. Nvidia added 0.8%, and shares of Meta Platforms, Amazon and Microsoft were also higher. On the quarterly results front, HCA Healthcare lost nearly 9% after reporting hurricane disruptions hit its earnings and full-year guidance, while Colgate-Palmolive shares shed 4% after the company reduced the low end of its sales estimate for the year.
The 10-year Treasury yield notably cooled off from its three-month highs after breaking above the 4.25% mark during Wednesday’s session. On Friday, it rose more than three basis points to roughly 4.24%.
“Yields have risen meaningfully, and so I think that’s been an issue for the equity market,” said Phillip Colmar, managing partner and global strategist at MRB Partners. “On one hand, you got earnings that are decent, but then you end up with rate cuts, which should be positive.” However, the rates that matter right now are bond yields, he said. “That has caused a lot of uncertainty and you’re getting some just kind of digestion.”
These moves follow a mixed day on Wall Street. The Nasdaq joined the S&P 500 in finishing the session higher on Thursday, after both indexes were lifted by Tesla’s postearnings rally.
Both the S&P 500 and Dow snapped a six-week winning streak. The former was off nearly 1% on the week, while the latter ended the period lower by 2.7%. The Nasdaq notched its seventh weekly gain, advancing nearly 0.2%.
Correction: A previous version misstated the S&P 500 hit a record Friday. It last hit an all-time high on Oct. 17.