U.S. stocks weekly: Yield breather
SPY•The S&P 500 rose 1.2% in choppy weekly trading, while the Dow gained 0.9% and the Nasdaq Composite added 0.6%. The 10-year Treasury yield was poised to end a five-week run of advances around 5.24%.
1. Stocks advance
The S&P 500 rose 1.2% as geopolitical clashes and bond yields remained in focus. Small caps rallied into Friday’s close but the Russell 2000 still fell for a fifth straight week. The Nasdaq Composite gained 0.6%, and the Dow added 0.9%.
2. Sector moves diverge
Consumer Staples rose 4% and Utilities gained 3.9%, while Technology slipped 0.3% and Industrials fell 0.4%. Energy advanced 3.6% alongside higher oil prices, while the semiconductor index dropped 4.3%. The 10-year Treasury yield was poised to snap five consecutive weeks of advances and finish around 5.24%, with note and bond auctions helping soothe inflation jitters.
