Advertisment
Stocks ticked higher Friday as traders headed toward the end of a choppy week.
The Dow Jones Industrials recovered 79.69 points to 39,144.95.
The S&P 500 regained 34.23 points to 5,302.20.
The NASDAQ vaulted 168.95 points, or 1%, to 16,905.01.
Week to date, the S&P 500 up just 0.1%, while the Dow is on pace to drop about 2%. The tech-heavy NASDAQ is the outperformer, with a gain of 1.4%.
Shares of Workday fell more than 13% Friday after the company reduced its subscription revenue guidance for the full year. Intuit also fell 8% on weak forward guidance. Meanwhile, Deckers Outdoor surged 13% after posting an earnings and revenue beat.
The rise in the artificial intelligence darling did not help the market, with the three major averages ending Thursday’s session lower. The Dow suffered its worst session since March 2023.
Demand for durable goods was much higher than expected in April, the Commerce Department reported Friday. Orders for long-lasting items such as appliances, cars and airplanes rose 0.7% for the month, slightly below the 0.8% increase in March but far better than the Dow Jones consensus estimate for a 1% decline. Excluding transportation items, orders still accelerated 0.4%. However, new orders were flat, excluding defense.
Prices for the 10-year Treasury were unchanged from Thursday’s 4.48%. Treasury prices and yields move in opposite directions.
Oil prices advanced 80 cents to $77.67 U.S. a barrel.
Gold prices slid $1.80 to $2,335.40.
