WASHINGTON (dpa-AFX) - After moving mostly higher early in the session, stocks have given back ground over the course of the trading day on Friday. The major averages have pulled back well off their highs of the session, with the Nasdaq and the S&P 500 dipping into negative territory.
Currently, the major averages are turning in a mixed performance. While the Dow is up 138.54 points or 0.4 percent at 39,207.65, the S&P 500 is down 0.41 points or less than a tenth of a percent at 5,086.62 and the Nasdaq is down 67.85 points or 0.4 percent at 15,973.77.
The early upward move reflected an extension of the rally seen in the previous session, which came on the heels of upbeat earnings news from AI darling Nvidia (NVDA).
Buying interest waned shortly after the start of trading, however, as traders took a breather following yesterday's surge.
The subsequent pullback may partly reflect profit taking, although overall activity remains somewhat subdued ahead of the release of several key U.S. economic reports next week.
The Commerce Department's report on personal income and spending is likely to be in focus next week, as it includes readings on inflation said to be preferred by the Federal Reserve.
Traders are also likely to keep an eye on reports on durable goods orders, new home sales, consumer confidence and manufacturing activity.
Sector News
Computer hardware stocks have come under pressure over the course of the session, dragging the NYSE Arca Computer Hardware Index down by 1.7 percent.
Significant weakness has also emerged among semiconductor stocks, with the Philadelphia Semiconductor Index falling by 1.4 percent after ending Thursday's trading at a record closing high.
Airline and oil service stocks have also moved to the downside on the day, while telecom have rebounded after bucking the uptrend in the previous session.
Other Markets
In overseas trading, stock markets across the Asia-Pacific region moved mostly higher, with the Japanese markets closed for a holiday. China's Shanghai Composite Index climbed by 0.6 percent, while Australia's S&P/ASX 200 Index rose by 0.4 percent.
The major European markets have also moved to the upside on the day. While the French CAC 40 Index has advanced by 0.7 percent, the German DAX Index and the U.K.'s FTSE 100 Index are both up by 0.3 percent.
In the bond market, treasuries have moved higher after ending the previous session roughly flat. As a result, the yield on the benchmark ten-year note, which moves opposite of its price, is down by 3.8 basis points at 4.289 percent.
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