Stocks mixed at midday: Dow down about 1%, Nasdaq edges higher as tech stabilizes
The 10-year Treasury yield held below 5% as investors kept buying bonds; oil stayed near a five-month high.
Stocks were mixed around midday Friday as the AI trade steadied after Thursday's sharp selloff. The Dow Jones Industrial Average fell about 1.1%, the S&P 500 slipped about 0.2% and the Nasdaq Composite edged about 0.1% higher, with Nvidia and AMD among the chip names attempting a rebound.
The 10-year Treasury yield held below 5% as investors kept buying bonds after Thursday's flight to safety. Oil stayed near a five-month high, with Brent crude hovering around $112 to $114 a barrel and U.S. benchmark crude near $102, on fears the U.S.-Iran conflict could escalate - see our oil story.
Telecom carriers remained under pressure after a report that SpaceX is in talks to build a nationwide wireless network, while tower owners gained - see our telecom story. The final University of Michigan consumer sentiment reading held steady at 48.0 while inflation expectations hit their highest since May - see our sentiment story. Next week brings earnings from Microsoft, Alphabet and Amazon, and a Federal Reserve meeting where markets expect rates to stay unchanged.
