Traders on the floor of the NYSE June 29, 2023.
Source: NYSE
Stocks were higher Friday as traders assessed the latest corporate earnings results, and the Dow Jones Industrial Average tried to stretch its winning streak to 10 sessions.
The 30-stock Dow climbed 79 points, or 0.2%. The S&P 500 gained 0.4%, and the Nasdaq Composite added 0.3%.
The Dow is on pace for its tenth straight day of gains, a feat not seen for the key index since August of 2017.
Trading is likely to be volatile Friday as portfolio managers recalibrate their funds to account for an unusual Nasdaq-100 rebalance taking effect Monday. A large volume of index and stock options are also expiring Friday.
Traders were still eyeing more corporate earnings after a busy week of quarterly results. Transportation giant CSX fell 5% on the back of underwhelming results. American Express, meanwhile, fell 3.6%.
Corporate earnings have been mixed thus far. Seventy-five percent of S&P 500 companies that have already reported exceeding analysts’ expectations, according to FactSet data. However, that beat rate is below a three-year average of 80%, according to The Earnings Scout.
Wall Street is coming off an uneven session. The S&P 500 and Nasdaq Composite lost around 0.7% and 2%, respectively. The Dow was the outlier of the three, adding nearly 164 points, or about 0.5%.
“The mixed broader indices are really reflective of the mixed earnings and economic data that’s come out,” said Greg Bassuk, CEO at AXS Investments. “Beyond Dow components, we’re seeing — across industries — more selling pressure based on these earnings results.”
The Dow and S&P 500 are on pace to finish the week up about 2.3% and 1%, respectively. The Nasdaq is up 0.4% week to date.