The major averages closed mixed to end the week as the Nasdaq Composite soared to an all-time high on Friday, boosted by large cap tech stocks. The Dow Jones Industrial Average fell 259 points or 0.6% with weakness in the financials, McDonalds, 3M and Merck. The S&P 500 fell a point while the Nasdaq rose 103 points or 0.56%.

Both the S&P 500 and Dow snapped six-week winning streaks. The S&P 500 fell roughly 1% on the week while the Dow fell over 2.5%. The Nasdaq was the lone bright spot, rising modestly for a seventh weekly gain.

Tech had a good day to end the week. Tesla continues its rally following strong earnings the other day. The other big cap techs were also strong as most of them will report earnings next week. Chip stocks also performed well. Disk drive maker, Western Digital rose 5% on earnings.

Outside the tech space the earnings kept flooding in from the likes of Bluebird, Capital One, L3Harris, Mohawk Industries, Centene, AutoNation, Colgate, AON, Booz Allen, Deckers Outdoors and HCA.

Deckers Outdoors jumped 10% thanks to strong sales from their Hoka brand which continues to build momentum. Hoka sales gained nearly 35% year-over-year while their flagship, Ugg brand saw sales grow 13%. The company also raised full year guidance.

Capital One rose 5% as earnings and sales beat and the company said their borrowers remain healthy. The rest of the financial sector was weak today.

Healthcare was another weak sector. HCA Healthcare was down 8% on earnings as the recent storms and hurricanes impact business. HCA said hurricanes Helene and Milton caused a $50 million to their quarterly business. HCA also said there would be more impact in the fourth quarter as well. HCA is based in Tennessee.

The 10-year Treasury yield notably cooled off from its three-month highs after breaking above the 4.25% mark during Wednesday's session. The benchmark 10-year Treasury yield rose 2 basis points to 4.22%. The 2-year Treasury rose 3 basis to 4.09%.

Markets are pricing in a 97% probability on the Fed cutting rates by 25 basis points, or a quarter percentage point, in November, according to the CME's FedWatch Tool.