Stocks end mixed; Dow up for tenth straight day
Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., July 20, 2023. REUTERS/Brendan McDermid
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By Noel Randewich and Bansari Mayur Kamdar
(Reuters) – U.S. stocks ended mixed on Friday, with the Dow Jones Industrial Average rising marginally to notch its 10th straight day of advances, its longest rally in almost six years.
The blue-chip index was lifted by gains of more than 1% each in Procter & Gamble (NYSE:PG) and Chevron (NYSE:CVX) . It is now up over 6% in 2023, compared to the S&P 500‘s 18% rise.
“The Dow playing catch-up shows there is a rotation into other sectors, like healthcare and financials. The rally is not just tech-heavy anymore,” said Jake Dollarhide, chief executive officer of Longbow Asset Management in Tulsa, Oklahoma.
Nvidia (NASDAQ:NVDA) and Meta Platforms lost more than 2% each in a choppy trading session, while the S&P 500 utilities sector jumped 1.5%, followed by a 1% rise in the healthcare sector index.
Netflix (NASDAQ:NFLX) dipped 2.3%, down for a second straight day after the video streaming company’s quarterly results this week failed to impress.
Analysts attributed Friday’s volatile trading to the expiration of monthly options and the expected special rebalancing of the multi-trillion dollar Nasdaq 100 following the close of trading.
The S&P 500 climbed 0.03% to end at 4,536.34 points.
The Nasdaq declined 0.22% to 14,032.81 points, while Dow Jones Industrial Average rose 0.01% to 35,227.69 points.
For the week, the S&P 500 added 0.7%, the Nasdaq fell 0.6% and the Dow rose 2.1%.
The Nasdaq has rallied about 34% this year, lifted by optimism over artificial intelligence, a relatively resilient U.S. economy and expectations that the Federal Reserve’s aggressive rate hike cycle will end soon.
While the Fed is widely expected to raise interest rates by 25 basis points at its July 25-26 meeting, investors have mixed views on the central bank’s longer-term monetary policy.
American Express (NYSE:AXP) fell 3.9% after the credit card giant missed quarterly revenue estimates and affirmed its full-year profit forecast.
SLB declined 2.2% after the top oilfield services firm missed quarterly revenue expectations due to moderating drilling activity in North America.
Advancing issues outnumbered falling ones within the S&P 500 by a 1.5-to-one ratio.
Volume on U.S. exchanges was relatively light, with 10.4 billion shares traded, compared to an average of 10.6 billion shares over the previous 20 sessions.
