Stocks fall, but tech shares steady after selloff; oil hits highest in nearly six months
SPY•Major US stock indexes ended lower on Friday, while technology shares mostly steadied. Brent crude rose 3.14% to $116.72 a barrel, its highest since April 29, after Houthi attacks in Saudi Arabia.
1. Stocks end lower
The Dow fell 1.23% to 52,215.16, the S&P 500 lost 0.52% to 7,623.68, and the Nasdaq declined 0.21% to 25,955.34. The S&P 500 technology index and semiconductor index each rose 0.4%, while the energy sector gained 2.5% and hit a record high.
2. Oil extends gains
Brent crude settled at $116.72 a barrel, up $3.55, and US West Texas Intermediate closed at $103.27, up $3.80. Houthi attacks in Saudi Arabia fueled concerns about energy supply disruption; Brent gained 6% for the week and WTI rose 2.3%.
3. Yields and earnings focus
The US 10-year Treasury yield rose 3.7 basis points to 4.99%. Investors remained focused on earnings, with Alphabet, Microsoft and Amazon among the companies reporting next week. Meta shares fell 1%, Microsoft rose 0.7%, and American Express dropped 3.7% after reporting results.
