US stocks faltered on opening Friday, with some signs suggesting indices could end the week on an upbeat note as tech stocks head for modest gains.
The S&P 500 (^GSPC) rose 0.2%, while the Dow Jones Industrial Average (^DJI) was little changed. The tech-heavy Nasdaq Composite (^IXIC) rose about 0.4%.
The yield on the benchmark 10-year US Treasury bond rose to 3.437% from 3.397% on Thursday. The dollar index gained 0.1% to trade at $101.94 on Friday morning.
Stocks continued a string of losses on Thursday as investors analyzed economic data and corporate earnings reports, clouding their views on the health of the US economy.
Despite concerns about the economy, markets have been fairly resilient, moving higher for most of the year, according to JP Morgan’s US Market Intelligence team. However, the team does not believe that a recession is currently priced into equity markets.
“We disagree with the argument that because a recession is the consensus,” the team wrote, “the market and economic outcome must be better.”
According to data from FactSet Research, the S&P 500 is expected to report a 3.9% year-over-year decline in earnings for the fourth quarter. It would be the first year-over-year earnings decline reported by the index since 2020 if realized.
Wall Street navigated another round of data and Fedspeak on Thursday. Federal Reserve Bank of New York President John Williams said Thursday the central bank has more rate hikes in store “to bring inflation down to our 2% target on a sustainable basis.”
Federal Reserve Vice Chair Lael Brainard and Federal Reserve Bank of Boston President Susan Collins made similar comments Thursday ahead of the Fed’s next monetary policy meeting, which begins Jan. 31.
Philadelphia Fed President Patrick Harker reiterated his view on Friday morning to move to 25 basis point rate hikes.
In corporate news, Netflix (NFLX) CEO Reed Hastings announced his resignation on Thursday. After a two-decade run, he is leaving the streaming platform in the hands of co-CEO Ted Sarandos and COO Greg Peters after reporting a strong end to 2022.
The story goes on
POLAND – 2023/01/19: In this photo illustration a Netflix logo viewed on a smartphone with stock market percentages in the background. (Photo illustration by Omar Marques/SOPA Images/LightRocket via Getty Images)
And the era of password sharing is about to end. The streaming giant will “more broadly” enforce rules on password sharing towards the end of the first quarter of 2023, Netflix announced in its earnings report on Thursday. Shares were up almost 6% on Friday morning.
Google parent Alphabet Inc. (GOOG, GOOGL) announced it is laying off 12,000 employees, or more than 6% of its global workforce, becoming the latest tech company to lay off staff after rapid expansion during the pandemic. Shares of Google parent Alphabet Inc. were up 3% at the opening.
Oil prices rose on the commodity markets. Brent crude, the global benchmark, rose almost 0.6% to $86.64 a barrel and WTI, the US benchmark, rose 0.5% to around $80.72. Both could end the week with another gain, buoyed by optimism over a recovery in Chinese demand.
Meanwhile, in the crypto market, Genesis Global Capital filed for bankruptcy protection in the U.S. Bankruptcy Court for the Southern District of New York late Thursday. The move comes after the company failed to raise money for its troubled credit unit and shed 30% of the workforce in a fresh round of layoffs in early January.
—
Dani Romero is a reporter for Yahoo Finance. Follow her on Twitter @daniromerotv
For the latest stock market news and in-depth analysis, including events moving stocks, click here
Read the latest financial and business news from Yahoo Finance
Download the Yahoo Finance app for Apple or Android
Follow Yahoo Finance on TwitterFacebook, Instagram, Flipboard, LinkedIn and YouTube