Stock Market Today: Dow falls to weekly loss amid surging yields, mixed earnings

Investing.com -- The Dow slumped Friday, closing out the week with a loss as investors weighed up a surge in Treasury yields and mixed quarterly corporate earnings this week.retreated after hitting the a more than 16-year high a day earlier as Federal Reserve Jerome Powell reiterated that rates would be higher for longer, and teed up the idea of a further hike should the economy continue to surprise to the upside.

"While officials are moving 'carefully,' Powell warned the strength of the economy, the labor market and the consumer could justify further policy firing," Stifel said in a note.) were pressured by a fall in oil prices despite ongoing tensions in the Middle East that threatened to disrupt oil production in the region.

The earnings beat points to signs of a bottom nearing in the freight industry, Goldman Sachs said as it lifted its price target on the company to $55 from $53.) fell more than 6% after the company said it now expects adjusted EPS in 2024 of $1.82 to $2.02 a share, well short of analysts of $2.15. The hardware and software services company also cut EBIT growth outlook for 2023 to about 4% growth from 6% to 7% prior, Goldman Sachs said, as the company “makes targeted investments in F4Q to accelerate its growth businesses.”We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other.

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