Dow, S&P 500 fall, tech steadies to end rocky week
SPY•The Dow fell 1.18% and the S&P 500 lost 0.43% on Friday, while the Nasdaq slipped 0.08%. Investors looked ahead to a busy earnings week and a Federal Reserve policy meeting.
1. Indexes end lower
The Dow Jones Industrial Average fell 626.43 points to 52,241.55, the S&P 500 lost 33.51 points to 7,629.92 and the Nasdaq Composite shed 21.91 points to 25,986.95. For the week, the S&P 500 and Nasdaq were on track for modest losses, while the Dow remained slightly higher.
2. Earnings and Fed in focus
About one-third of S&P 500 companies are due to report quarterly results next week, including Alphabet, Microsoft and Amazon. Investors are watching their capital-spending forecasts as concerns persist about financing costs for AI investments. The Fed is expected to keep rates steady on Wednesday, with investors seeking clues about its December meeting.
3. Sector and stock moves
The S&P 500 energy sector rose 2.4% to a record high as Brent crude reached its highest level since late April. Telecom stocks fell after a report that SpaceX was seeking thousands of cell sites for a fourth wireless carrier: AT&T and T-Mobile each lost more than 6%, while Crown Castle rose 10%. American Express fell 3.9% after raising its profit forecast and announcing plans to eliminate 5% of its workforce; SLB gained 6.7% after beating third-quarter profit estimates.
