Stocks fell on Friday, with investors monitoring the conflict in Gaza and a few more blue-chip results. American Express fell despite reporting record quarterly earnings and revenue.
Indexes have come under pressure as the fighting between Israel and Hamas has intensified. A surge in borrowing costs, with the 10-year Treasury yield near 5%, has also weighed on markets.
The Federal Reserve may hold interest rates steady at its next meeting, Chair Jerome Powell said Thursday, given that higher yields were tightening financial conditions.
In morning market action:
Treasury yields pulled back. The yield on the benchmark 10-year note edged down after closing Thursday at 4.987%, the highest since 2007.
Stocks fell. The S&P 500, the Nasdaq Composite and the Dow Jones Industrial Average were all lower. Energy stocks dropped nearly 2%.
The rough run for small-cap stocks continued. The Russell 2000, which finished Thursday at a 2023 closing low, fell further this morning.
Solar-power stocks tumbled after equipment maker SolarEdge Technologies cut its guidance.
Oil climbed for a fourth day. The most actively traded contract for Brent crude rose, topping $93 a barrel.
Cryptocurrencies gained after the SEC dropped a crypto lawsuit, and investors separately bet the regulator would soon approve a bitcoin ETF.
Gold continued its ascent. The precious metal, viewed by some as a haven asset, neared $2,000 a troy ounce, trading at the highest since July.
https://www.wsj.com/livecoverage/stock-market-today-dow-jones-10-20-2023
