Wall Street closes another winning week by barely moving

The S&P 500 edged up by 1.47, or less than 0.1%, to 4,536.34 to cap its eighth winning week in the last 10. The Dow Jones Industrial Average added 2.51 points, or less than 0.1%, to 35,227.69. The Nasdaq composite slipped 30.50, or 0.2%, to 14,032.81 a day after tumbling to its worst loss in over four months.

The earnings reporting season is gaining momentum, and most companies are reporting better results than expected.

Roper Technologies rallied 3.7% for one of the larger gains in the S&P 500 after it reported better profit and revenue for the spring than analysts expected. The company also raised its financial forecasts for the year.

American Express fell 3.9%. It reported stronger profit than expected, but its revenue fell short of forecasts.

Comerica lost 4.1% after reporting stronger profit and revenue for the spring than analysts expected. The regional bank also reported a decline in average customer deposits, though it said levels stabilized. Deposits are under scrutiny since several banks failed in March after customers yanked out their cash.

In the bond market, Treasury yields were mixed.

The 10-year Treasury yield, which helps set rates for mortgages and other important loans, fell to 3.83% from 3.86% late Thursday.

The two-year Treasury yield, which moves more on expectations for the Federal Reserve, ticked up to 4.85% from 4.84%.

The Fed is widely expected to raise its key interest rate Wednesday to its highest level since 2001, but the hope is that will be the final increase of the cycle because inflation has been cooling.

To be sure, the 18.1% jump for the S&P 500 this year also has critics saying the rally has come too far, too fast. The risk of recession remains because inflation and interest rates remain high.

Next week will also feature earnings reports from three of the “Magnificent Seven” companies behind the majority of the S&P 500’s gains this year: Alphabet, Meta Platforms and Microsoft. Expectations are high after they all soared more than 35% so far this year.

The top stocks have become so big and their movements so influential that Nasdaq is rebalancing its Nasdaq 100 index before trading begins Monday, to lessen the impact some stocks have on the overall index.

Stocks were mixed across Europe and Asia.

Taiwan’s Taiex fell 0.8% after TSMC, the world’s biggest manufacturer of computer chips, said it expects its sales to fall 10% this year as demand wanes. It also said it would not meet a 2024 target for starting production at a factory its building in Arizona.