Nasdaq Finishes Higher While Dow Slips

Tech stocks climbed Friday, lifting the Nasdaq Composite to a new intraday high, while the broader market closed out a losing week.

The S&P 500 was little changed Friday and finished the week down 1%. The Dow industrials declined for a fifth consecutive day, ending the week down 2.7%. Both indexes snapped six-week winning streaks.

The tech sector has led the market this year and rallied this week ahead of a bevy of consequential quarterly reports from big tech companies. Several Magnificent Seven members—Alphabet, Meta, Microsoft, Amazon and Apple—are set to report earnings next week.

So far, more than one-third of S&P 500 companies have reported third-quarter results. About 75% of them have beaten Wall Street profit expectations, compared with the five-year average of 77%, according to FactSet.

“Corporate America has held up really, really well given that rates were higher for longer,” said Sylvia Jablonski, CEO and chief investment officer at Defiance ETFs.

The Nasdaq rose 0.6%, the S&P 500 edged less than 0.1% lower and the Dow industrials shed 0.6%. Only the Nasdaq finished the week higher, up 0.2%. On Friday, it traded up to 18690.01, an intraday high, but finished at about 18518.61, shy of its closing high set July 10.

The 10-year U.S. Treasury yield edged up to 4.232%, near a new multimonth high reached earlier this week.

HCA Healthcare shares tumbled 8.9% after the hospital chain warned of a substantial financial hit from hurricanes Helene and Milton.

Capri shares sank 49% after a judge blocked Coach parent Tapestry from acquiring its rival. Tapestry shares rallied 14%.

Spirit Airlines shares soared 15% after the low-cost carrier said it will cut jobs and has agreed to sell some planes.