Stock market today: Wall Street's worst week in six months closes on another weak note

NEW YORK — Wall Street’s worst week in six months closed on another weak note. The S&P 500 gave up an early gain and ended 0.2% lower Friday. The Dow Jones Industrial Average lost 106 points, and the Nasdaq composite slipped 0.1%. Stocks slid this week because of the growing understanding that interest rates likely won’t come down much anytime soon. Treasury yields eased a bit after jumping earlier in the week to their highest levels in more than a decade.

Yields were easing a bit Friday, which reduced the pressure on the stock market. The yield on the 10-year Treasury slipped to 4.44% from 4.50% late Thursday. It’s still near its highest level since 2007. Recently, that’s meant pain for technology stocks. Nvidia trimmed its loss for the week to 4.7% after rising 2% Friday. The Nasdaq composite, which is full of tech and other high-growth stocks, is on track for its worst week since March.

High rates drag down inflation by intentionally slowing the economy and denting prices for investments. They also take a notoriously long time to take full effect and can cause damage in unexpected, far-ranging corners of the economy. Earlier this year, high rates helped lead to three high-profile collapses of U.S. banks.

A report on Friday suggested business activity across the economy is stagnating. A preliminary measure of output compiled by S&P Global slipped to a seven-month low as businesses in services industries lost momentum. Demand was muted for both services and manufacturing providers.

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