Stock market today: Stocks inch up as Treasury yields ease, but weekly losses loom
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US stocks edged up Friday morning as Treasury yields tipped lower, but with markets still on track for weekly losses with earnings season well underway.
The S&P 500 (^GSPC) rose roughly 0.5%, after the benchmark snapped a three-day losing streak. The Dow Jones Industrial Average (^DJI) added 0.4%, while the tech-heavy Nasdaq Composite (^IXIC) gained around 0.6%.
Stocks are reviving somewhat as a pullback in US bond yields lifted some recent pressure on risk appetite. The benchmark 10-year yield (^TNX) slipped to around 4.18%, easing back from a three-month high above 4.25% hit midweek.
But the Dow and S&P 500 still look poised for downbeat weeks after taking a hard knock from that surge, amid worries the Federal Reserve will go slow on interest-rate cuts.
Read more: What the Fed rate cut means for bank accounts, CDs, loans, and credit cards
Meanwhile, Tesla (TSLA) stock slipped about 2% in early morning trading, having booked its best day since 2013 after a surprisingly upbeat sales forecast and quarterly results. The spate of earnings is easing as the week draws to a close, with Colgate-Palmolive (CL) the highlight.
Elsewhere in corporates, Capri (CPRI) stock cratered after a judge blocked the parent of Michael Kors from merging with Coach owner Tapestry (TPR).
Investors are now starting to brace for potential disruption on the horizon: The November US jobs report due next Friday, and the tight presidential election a week later.
At the same time, Tesla's earning surprise has laid the ground for five other "Magnificent Seven" megacaps reporting next week: Google parent Alphabet (GOOG, GOOGL), Meta (META), Microsoft (MSFT), Apple (AAPL), and Amazon (AMZN).
LIVE 1 updateGood morning. Here's what's happening today.
Economic data: Durable goods orders (September preliminary); University of Michigan Consumer Sentiment, (October); Kansas City Fed Services Activity (October).
Earnings: New York Community Bancorp (NYCB), Colgate-Palmolive (CL), Booz Allen Hamilton (BAH), Aon (AON), WisdomTree (WT), Piper Sandler (PIPR), Centene Corporation (CNC), Newell Brands (NWL).
Here are some of the biggest stories you may have missed overnight and early this morning:
Tesla is still a car company — and for now, that's okay
Capri stock craters after $8.5 billion Tapestry deal blocked
Mercedes-Benz to step up cost cuts as China slowdown drags down earnings
Apple's iPhone sales in China slip in Q3, Huawei share soars
Chinese robotaxi startup WeRide gets $4.21B valuation in US IPO
BofA's Hartnett says bets on gold are rising before US election