- US stocks moved higher Friday, with the Dow on pace for a 10 day winning streak.
- Investors will be watching for a Nasdaq-100 rebalancing to take effect on Monday, while some stock options also expire Friday.
US stocks moved higher Friday, with the Dow Jones Industrial Average on pace for a 10-day winning streak — it's longest stretch in the green since 2017.
Corporate earnings have been mostly positive as second quarter reporting season kicked off in earnest this week. The big US banks were largely upbeat in their results, though traders reacted negatively to Netflix and Tesla earnings midweek.
FactSet data shows that more than 70% of companies that have reported so far have beat analysts' expectations. Traders will be watching for a key rebalancing of the Nasdaq-100 on Monday.
Next week, traders will be bracing for more mega-cap earnings from companies including Microsoft and Meta, consumer giant Procter & Gamble, and oil producers Chevron and Exxon Mobil.
Here's where US indexes stood shortly after the 9:30 a.m. opening bell on Friday:
- S&P 500: 4,550.64, up 0.35%
- Dow Jones Industrial Average: 35,321.83, up 0.27% (96.65 points)
- Nasdaq Composite: 14,138.36, up 0.55%
Here's what else is going on:
- Tesla stock is 1,000% overvalued and it's current share price is disconnected from reality, analyst says.
- Commercial real estate is being battered by higher interest rates, billionaire Barry Sternlicht says.
- US house prices will jump nearly 6% this year, according to a top forecaster.
- The crypto craze is fading as fans embrace AI mania instead.
In commodities, bonds, and crypto:
- Oil prices climbed, with West Texas Intermediate up 0.85% to $76.29 a barrel. Brent crude, the international benchmark, inched higher 0.8% to $80.32 a barrel.
- Gold edged 0.3% lower to $1,964.70 per ounce.
- The 10-year Treasury yield ticked lower by three basis points to 3.823%.
- Bitcoin moved higher 0.52% to $29,878.01.