The main U.S. stock indexes closed higher on Friday but posted weekly losses as investors were rattled by fluctuating government bond yields and a lack of clarity on progress in the Middle East.
The S&P 500 .SPX and the tech-heavy Nasdaq .IXIC snapped a three-week winning streak, while the Dow .DJI registered its second consecutive weekly loss.
Equity investors have been taking their cues from the direction of U.S. government bond yields in recent sessions as the prospect of higher borrowing costs dampened risk appetite.
Stocks had closed lower on Thursday as bond yields rose while equities had advanced on Wednesday as bond yields fell. U.S. Treasury Secretary Scott Bessent said on Thursday that the government could further increase its Treasury repurchases after a surprise announcement on Wednesday that it would spend double the expected amount on bond buybacks.
"Markets are taking a bit of a breather. It's a pretty calm day," said Chris Zaccarelli, chief investment officer at Northlight Asset Management in Charlotte, North Carolina.
"We've had a bit of a seesaw week where we had some ups and downs around Treasury yields climbing and the intervention from Treasury Secretary Bessent."
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