US stocks dip but head for weekly gains as bond yields continue to drop

• US stocks dipped Friday but are poised for weekly gains as bond yields fell further.
• The S&P 500, Nasdaq, and the Dow Jones Industrial Average are up about 2% or more this week.

US stocks slipped Friday but are poised for weekly wins, riding the wave of optimism around the end to the Fed's rate hikes.

The S&P 500, Nasdaq, and the Dow Jones Industrial Average are up about 2% or more this week, which saw cooler-than-expected inflation data. In response, traders started pricing in greater odds of the central bank pivoting to rate cuts next year.

On Friday, the 10-year Treasury yield continued to drift lower. Meanwhile, oil prices edged up, after sinking sharply on Thursday.

Here's where US indexes stood as the market opened at 9:30 a.m. on Friday:

• S&P 500: 4,505.94, down 0.05%
• Dow Jones Industrial Average: 34,911.68, down 0.10% (33.79 points)
• Nasdaq Composite: 14,084.11, down 0.21%

Here's what else is going on:

• Prepare for stocks to plummet 30% - and a recession to strike, a legendary market prophet said
• The stock market is edging toward extremes of Great Depression and dot-com eras
• Warren Buffett is piling up cash because he sees a storm brewing and can't find bargains, wealth manager says

In commodities, bonds, and crypto:

• West Texas Intermediate crude oil rose 1.9% to $74.25 a barrel. Brent crude, the international benchmark, climbed 1.9% to $78.90 a barrel.
• Gold was flat at $1,987 per ounce.
• The 10-year Treasury yield dipper 1 basis point to 4.435%.
• Bitcoin rose 1% to $36,340.