- The S&P 500 and the Nasdaq 100 posted their fourth consecutive day of losses on Friday.
- But the former is still supported above 3,900 as the macroeconomic context remains positive.
- However, rising US bond yields have been a cause for concern this week, and this was evident on Friday.
The S&P 500 Index it ended the session with a modest 0.2% loss, meaning the index has fallen for four consecutive days, its longest losing streak so far this year. Not that the losing streak led to many crashes; The S&P 500 remained supported above 3,900 on Friday, as has been the case for most of the week, and is therefore really just one session away from hitting all-time highs again at 3,950, which, for reference, were established on Tuesday. For the week, the S&P 500 fell 0.7%.
The Nasdaq 100 also saw its fourth straight day of losses, falling 0.4% on the day, meaning it has now reversed just over 2% from the all-time highs set modestly below 13,880 on Tuesday. For the week, the Nasdaq 100 fell 1.6%. Finally, the Dow Jones Industrial Average closed the session flat, which means that it closed the week with a very modest 0.1% gain. For the most part, the index has remained within the parameters 31300 to 31655.
In terms of sectors, Industrials led the way, driven by strong gains in Deere & Co. and Caterpillar stocks. The S&P 500 Airlines Index also jumped, focusing on the potential for a post-pandemic recovery in air travel. Tech names like Microsoft (-1.2%), Google (-0.8%) and Netflix (-1.5%) fell.
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