NEW YORK — Wall Street limped to a mixed close, marking its third losing week in a row. The S&P 500 barely budged, ending the day down by less than 0.1%. It lost more than 2% for the week, like other U.S. indexes. The Dow edged up 25 points, and the Nasdaq composite slipped 0.2%. August has been rough for the stock market, which has given back close to a third of the S&P 500’s torrid gains for the year’s first seven months.
Stocks were holding a bit steadier Friday after yields eased a bit. After topping 4.30% a day before and nearing its highest level since 2007, the 10-year Treasury yield fell back to 4.25%. In a BofA Global Research report, he pointed specifically to how the trend may follow Microsoft, one of the big seven tech-oriented stocks responsible for the majority of the S&P 500’s gains earlier this year.
Traders had been hoping that the Fed was done hiking rates and would begin cutting them early next year. Inflation has already come down considerably since its peak last summer. Besides making borrowing more expensive for everyone from homebuyers to multinational corporations, higher yields make the stock market look more expensive unless companies suddenly earn much more in profits. And while companies have reported better earnings for the spring than feared, it hasn’t been enough to stop the market’s slide.
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