Market Snapshot: Dow books 10th straight winning session as tech stocks fall on disappointing earnings

by | Jul 21, 2023 | Stock Market

U.S. stock indexes ended mixed on Friday in choppy trade, though the Dow Jones Industrial Average extended a winning streak to 10 days, while investors dealt with the monthly expiration of trillions of dollars of stock options and prepared for a major rebalancing of the Nasdaq-100 index on Monday ahead of the Federal Reserve’s July policy meeting next week. What stock indexes performed
The Dow Jones Industrial Average
gained 2.51 points, leaving it nearly flat, at 35,227.69

The S&P 500
was up 1.47 points, or less than 0.1%, to end at 4,536.34

The Nasdaq Composite
lost 30.50 points, or 0.2%, to finish at 14,032.81.

The S&P 500 logged a 0.7% weekly gain, while the Dow industrials advanced 2.1% but the Nasdaq Composite declined by 0.6% for the week, according to Dow Jones Market Data.

What drove markets The Dow Jones Industrial Average Friday rose for a 10th straight session to log its longest winning streak since August 7, 2017, according to Dow Jones Market Data. The “catch-up” rally in the Dow industrials has occurred in spite of sporadic weakness in market-leading technology shares over the past couple of weeks. Tavi Costa, portfolio manager at Crescat, told MarketWatch in an interview that the recent pullback in technology shares is an early sign of a rotation to value from richly valued growth names. “I think we’re seeing the beginning of potentially a larger move to the downside that will be driven by tech and megacap stocks,” Costa said. See: Tesla and Netflix shares face several weeks of weakness, stock charts warn Barring a sizable selloff, most U.S. stock indexes finished higher this week, even as individual stocks at times responded poorly to results from companies like Netflix
Taiwan Semiconductor Manufacturing
and IBM
Corporate earnings reports for the second quarter have been mixed so far. With 18% of S&P 500 companies reporting actual results, about 75% of …

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