Stock market today: Wall Street is mixed; Big Tech climbs

NEW YORK — Stocks gave up an early gain and turned mixed on Wall Street as more gains for Big Tech companies helped offset weakness elsewhere in the market.

The S&P 500 was up 0.1% and is headed for a fourth straight week of gains. Big technology companies were doing much of the heavy lifting, and more stocks fell than rose in the index.

The Dow Jones Industrial Average was just barely lower as of 12:35 p.m. Eastern. The Nasdaq composite was up 0.1%.

Trading has been listless throughout the week amid a lack of any big market moving reports or news. The benchmark S&P index still gained enough ground by Thursday to close 20% above its October low, entering a new bull market.

Technology stocks, which have been responsible for much of Wall Street’s gains, did better than the rest of the market. Adobe rose 4.2% and Advanced Micro Devices rose 2.4%.

General Motors rose 1.9% and Tesla rose 3.6% after announcing a deal for electric-vehicle charging. Electric vehicles made by General Motors will be able to use much of Tesla’s extensive charging network beginning early next year.

The latest round of corporate earnings is nearing a close, but late reports are still managing to move some stocks. Ski resort operator Vail Resorts fell 5% after reporting disappointing results.

Wall Street will have more potentially market-moving economic updates to deal with next week. The government will release May data for inflation at the consumer level on Tuesday and retail sales data on Thursday. On Wednesday, the Federal Reserve will announce its latest update on interest rates.

The Fed is widely expected to hold interest rates steady at its meeting next week after 10 straight rate increases. The central bank has been raising rates, to their highest levels since 2007, in an effort to tame inflation.

The yield on the 10-year Treasury rose to 3.74% from 3.72% late Thursday. It helps set rates for mortgages and other important loans.

The two-year yield, which moves more on expectations for the Fed, rose to 4.60% from 4.52%.

Economists expect next week’s data to confirm that inflation is easing, but they also expect to see retail sales slip. Consumer spending and a strong jobs market have been a bulwark against a recession in an otherwise weakening economy.

Any big dips in employment or consumer spending could add to worries that a recession, mild or not, is on the horizon.


AP Business Writer Yuri Kageyama contributed.