Stocks finish mixed, bond yields climb as Fed continues to weigh
The yield on the 10-year Treasury spiked above 2.7%
FOX Business' Stuart Varney and Lauren Simonetti analyze stocks during Friday's opening bell.
U.S. stocks finished mixed on Friday as investors continued to digest signals about Federal Reserve policy.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| I:DJI | DOW JONES AVERAGES | 41794.6 | -257.59 | -0.61% |
| SP500 | S&P 500 | 5712.69 | -16.11 | -0.28% |
| I:COMP | NASDAQ COMPOSITE INDEX | 18179.984429 | -59.93 | -0.33% |
The Dow Jones Industrial Average reversed earlier losses and finished the session up 137.55 points at 34,721.12. Meanwhile, the S&P 500 and the Nasdaq Composite fell 0.27% and 1.34%, respectively.
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Investors have been weighing the latest updates from the U.S. Federal Reserve amid concerns about rising inflation. The Fed has signaled that it is prepared to keep raising interest rates and reducing its stockpile of bonds and mortgage-backed securities in order to rein in the highest inflation in 40 years.
Following the release of the minutes, the yield on the 10-year Treasury has spiked above 2.7%
Traders work on the floor of the New York Stock Exchange (NYSE) in New York City. (Reuters/Brendan McDermid / Reuters Photos)
Oil is higher on Friday as an announced planned release of 240 million barrels from emergency stocks offset some concerns over reduced supplies from Russia caused by Western sanctions.
Oil drills are pictured in the Kern River oil field in Bakersfield, California. (Reuters/Jonathan Alcorn)
Congress voted overwhelmingly Thursday to suspend normal trade relations with Russia and ban the importation of its oil.
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On the economic data front, the Commerce Department reported that wholesale inventories rose 2.5% month-over-month in February, an upward revision from the 2.1% reported last month. On an annual basis, total inventories were up 19.9% in February. Wholesale inventories advanced 1.2% in January.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| EPAM | EPAM SYSTEMS INC. | 189.30 | +0.08 | +0.04% |
In stocks, EPAM Systems ended the session up 10% after the software company said it would discontinue its services to customers in Russia.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| WDFC | WD-40 CO. | 267.65 | +3.26 | +1.23% |
WD-40 climbed 7% after reporting better than expected earnings of $1.41 per share for its second quarter of fiscal 2022. However, the company cut its full-year guidance slightly, citing inflationary challenges.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| DBI | DESIGNER BRANDS INC. | 5.12 | +0.04 | +0.79% |
Designer Brands rose nearly 5% after the footwear and accessories retailer raised its full-year earnings outlook and reinstated its quarterly dividend ahead of its annual investor day.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| KR | THE KROGER CO. | 56.27 | -0.30 | -0.53% |
Kroger jumped nearly 3% after being upgraded from "neutral" to "buy" by Bank of America.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| TGT | TARGET CORP. | 149.99 | -0.85 | -0.56% |
Target popped more than 2% after being named a top retail pick by Barclays.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| HOOD | ROBINHOOD MARKETS INC. | 24.32 | +0.35 | +1.46% |
Robinhood Markets Inc slipped more than 6% after being downgraded from "neutral" to "sell" by Goldman Sachs.
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In Asia, Japan's benchmark Nikkei 225 finished 0.4% higher, Hong Kong's Hang Seng added 0.3% and China's Shanghai Composite rose 0.5%.
The Associated Press contributed to this report.