The major averages closed mixed after opening sharply lower, building on the monthly losses, as Wall Street's August struggles continue. The Dow Jones Industrial Average rose 25 points after falling as much as 200 points on the open. The S&P 500 declined just 65 cents while the Nasdaq fell 26 points.
The Dow ended the week lower by 2.2%, its worst week since March. Meanwhile, the S&P 500 fell 2.1% and registered a third straight week of losses, a streak that hasn't happened since February. The Nasdaq Composite shed 2.6%, tumbling for a third consecutive losing week for the first time since December.
The 10-year U.S. Treasury yield on Thursday rose to its highest level since October 2022. The upward movement came a day following the release of the Federal Reserve's July meeting minutes, which suggested further interest rate hikes could be ahead as inflation concerns remain. Yields eased today with the rate on the 10-year Treasury roughly 5 basis points lower at 4.25%.
On the earnings front, Applied Materials 3% while Keysight Technologies declined 13% due to disappointing results. Deere fell 5% on fears of a top in the ag business while retailers Bloomin Brands and Ross Stores rose over 5%. Estee Lauder fell 3% on earnings.
Looking forward, the Federal Reserve Chair Jerome Powell will head to the central bank's Jackson Hole annual symposium. Next week, chipmaker, chip powerhouse Nvidia will report earnings.
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