US stocks rebound but still finish with weekly loss

The S&P 500 added 0.4% on Friday, while the Nasdaq 100 advanced 0.7%. Both indexes finished the week down more than 1% after a midweek slump fueled by a swoon in tech stocks. However, the Russell 2000 rose 0.6% on the day and finished the week up 0.1%.

Bonds fell sharply again, reversing a rally in the morning following the latest jobs report; nonfarm payroll growth for October was 12,000, well below expectations. Treasury 10-year yields advanced 10 basis points to 4.38%. The payroll number was the last major economic data release before the Federal Reserve’s November 7 meeting. 

Sector performance was mixed. The utilities sector lost 2.2%, the most among all 11 major sectors, on sales misses of AES Corp., which was down 9.9%.

Technology stocks had a rebound today, led by Amazon’s 6.2% gain following an upbeat earnings report. That’s thanks to AI, which is growing faster than its cloud-computing business. But Apple, which also reported on Thursday, dipped 1.3%. Intel climbed 7.8% as Wall Street found relief in its better-than-expected earnings, despite the company posting huge losses. Super Micro Computer plunged another 10.5% on a prolonged slide following the resignation of its auditor, wiping out all of its gains this year. 

Oil finished modestly higher on Friday on continued reports of Iran threatening to retaliate against Israeli strikes, but still ended the week lower.