Stocks gave up an early gain and closed mostly lower on Wall Street, ending a six-week winning streak. The S&P 500 ended little changed Friday. The Dow Jones Industrial Average fell 0.6%, while the Nasdaq composite rose 0.6% thanks to gains for several Big Tech stocks. Capri Holdings, owner of the Versace, Jimmy Choo and Michael Kors luxury brands, lost almost half its value after a judge halted a purchase of the company by the maker of Coach handbags.
Both the S&P 500 and the Dow have been generally falling back from record highs set late last week. The market has been more cautious amid worries that stocks have become too expensive. Higher Treasury yields, which make stocks less appealing to investors, also added more pressure. Capital One Financial jumped 6.2% after beating Wall Street’s third-quarter financial forecasts. Ugg footwear maker Deckers Outdoor climbed 10.6% after raising its financial forecast for the year.
Outside of earnings, Spirit Airlines jumped 16.7% after the struggling budget airline said it will cut jobs and sell airplanes. Yields have generally climbed following reports showing the U.S. economy remains stronger than expected. Wall Street will have more updates next week on consumer confidence, jobs and inflation.
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