- US stocks rose on Friday, but had a mixed performance for the week as investors worry about an upcoming recession.
- The Nasdaq closed the week with a gain, though the Dow and the S&P 500 finished lower.
- Tech stocks rallied on the latest batch of corporate earnings and layoffs sweeping the sector.
US stocks rose on Friday, but saw mixed results over the week as investors continue to fear an oncoming recession.
Netflix jumped 7% after posting unexpected subscriber growth, and Google parent Alphabet climbed 5% after announcing it would slash 12,000 employees.
Those moves come amid an ever-gloomier macro backdrop, with expectations for the Fed to take interest rates higher to rein in inflation, while risking a recession.
Philadelphia Fed President Patrick Harker and Fed Governor Christopher Waller were the latest central bankers to support a 25-basis-point rate hike in February, softer than December’s rate hike of 50-basis-points.
Here’s where US indexes stood at the 4:00 p.m. closing bell on Friday:
- S&P 500: 3,972.60, up 1.89%
- Dow Jones Industrial Average: 33,375.49, up 1.00% (330.93 points)
- Nasdaq Composite: 11,140.43, up 2.66%
Here’s what else is going on:
- The stock market could be ready to flip upside down if inflation rebounds ahead of an upcoming recession, according to Bank of America.
- A 1970s-style financial crisis is coming for the economy if the Fed abandons its inflation target, former Treasury Secretary Larry Summers warned.
- The huge wave of tech layoffs means the sector could rally 20%, according to Wedbush’s Dan Ives.
- Netflix is in a league of its own and on the way to being the most valuable media company in the world, according to market veteran Tom Rogers.
In commodities, bonds, and crypto:
- Oil prices climbed, with West Texas Intermediate up 1.33% to $81.40 a barrel. Brent crude, the international benchmark, inched 0.17% higher to $87.78 a barrel.
- Gold ticked 0.20% lower to $1,928.46 per ounce.
- The 10-year yield climbed 8 basis points to 3.48%.
- Bitcoin rose 3.75% to $21,900.79.