On Friday, U.S. stocks displayed a mixed performance. The Dow Jones Industrial Average, unfortunately, experienced its steepest weekly drop since October, primarily due to rising bond market interest rates ahead of the Federal Reserve’s upcoming policy meeting.
To break it down, the Dow dipped by 86.06 points, or 0.2%, closing the day at 43,828.06. This marked its seventh consecutive day in the red, the longest streak of daily losses since February 2020. Meanwhile, the S&P 500 hovered near steady, slipping less than a point to settle at 6,051.09. On a somewhat brighter note, the Nasdaq Composite bucked the trend, inching up by 23.88 points, or 0.1%, to finish at 19,926.72.
Looking at the week, the Dow took a 1.8% hit, while the S&P 500 saw a 0.6% decline. However, the Nasdaq managed to edge up by 0.3%, despite the volatility. This week also marked consecutive weekly downturns for the Dow.
Turning our attention to bonds, the yield on the 10-year Treasury note climbed on Friday to 4.398%. This represented its most significant weekly increase since October 2023, based on the levels recorded by Dow Jones Market Data at 3 p.m. Eastern time. All eyes are now on the Federal Reserve as they gear up for a two-day meeting on monetary policy, which is set to culminate on December 18 with their crucial decision regarding interest rates.
