Stocks dropped on Friday to end a three-session winning streak after weak earnings reports from Snap (SNAP) and Verizon (VZ) offset a strong numbers from American Express (AXP).
The weakness in the tech sector included drops for Alphabet (GOOGL), Microsoft (MSFT), Apple (OTC:APPL) and Meta Platforms (META) ahead of their reports next week and with investors jittery again over the state of the economy.
Despite the pullback at the end of the week, the S&P 500 Index and Dow Jones Industrial Average posted their biggest weekly gain in a month, while the Nasdaq notched its largest advance since July 8. In the bond pits, the 10-year Treasury yield ended the week at 2.75% and the 2-year closed at 2.97%. Meanwhile, the fed funds futures market swung around quite a bit all week, but settled at a 80% probability that the Federal Reserve’s policy-making committee lifts the benchmark rate by 0.75 percentage points next week and a close to 20% chance of a full percentage point hike.