S&P 500 and Nasdaq rose Friday, posting weekly gains on tech strength. Apple and Microsoft each climbed more than 1%. The 10-year yield fell 3 bps to 4.28% after a soft consumer sentiment print. The Fed meets next week.
US stocks closed higher Friday, with the S&P 500 and Nasdaq Composite both notching weekly gains. The S&P 500 rose 0.5% on the day, while the Nasdaq added 0.7%, driven by a late-session bid into major technology names.
The Dow Jones Industrial Average lagged, eking out a 0.1% gain after spending much of the session near flat. Energy and industrial shares held the blue-chip index back.
Apple and Microsoft each rose more than 1%, providing the bulk of the S&P 500's lift. Nvidia added 0.8%, recovering from an early dip. The tech-heavy Nasdaq's weekly advance was its second in three weeks.
Treasury yields edged lower, with the 10-year note falling 3 basis points to 4.28%. Traders pared bets on a September rate hike after a soft consumer sentiment print. The University of Michigan's preliminary July reading came in at 64.1, below the 65.5 consensus.
Trading volumes were light, with many participants already heading into the weekend ahead of next week's Federal Reserve meeting. The Fed is widely expected to hold rates steady. The focus will be on Chair Powell's press conference for any shift in tone on the timing of cuts.
For the week, the S&P 500 gained 0.8%, the Nasdaq rose 1.1%, and the Dow added 0.3%.
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