S&P 500 logs first weekly loss in six weeks; Big Tech gains

The S&P 500 finished Friday flat, giving back gains earlier in the session. The index had a 1% weekly loss, putting an end to its six-week winning streak. However, the Nasdaq 100 was up 0.6% Friday and 0.1% this week. The Russell 2000, which tracks small caps, was down 0.5% and had a 3% weekly loss.

Most sectors retreated, but the S&P technology sector ETF was up 0.6%. All Magnificent 7 stocks were up on Friday ahead of a slew of big tech earnings next week. Tesla added another 3.4%, after its third-best daily gain on Thursday. 

Utilities and financials struggled the most on Friday, both down more than 1%.

Among single stocks, Mohawk was down 13.8%, which made it the biggest laggard on Friday after the flooring company gave weak guidance. Conversely, Deckers Outdoor, which owns UGGs and Teva, saw its shares jump 10.6% on the day after earnings revealed strong demand for its Hoka running sneakers. 

Tapestry was the biggest S&P gainer, up 13.5%. A judge blocked the Coach owner’s acquisition of Capri, home to brands like Jimmy Choo and Michael Kors. Shares of Capri tumbled a whopping 48.9% following the news. 

Bond yields finished the week higher. The 10-year Treasury yield climbed to 4.24%. Oil futures settled higher as well, after two sessions of declines.