SmileStudioAP
Major market averages drifted lower on Friday but there could be some last-minute swings on positioning to close out the year.
The Nasdaq Composite (COMP.IND) was -0.8%, the S&P (SP500) was -0.4%, and the Dow (DJI) was -0.2%.
The S&P is within touching distance of its record close set in January of nearly 4,797. A finish above that level would confirm a new bull market from the bottom set in October.
For the week, the S&P 500 is up 0.6%, the Dow is up 0.9% and the Nasdaq Composite is up 0.7%. All the indexes are looking at ending 2023 with a 9th-consecutive winning week. The S&P hasn’t had a winning streak like that since January 2004.
Rates experienced limited moves. The 10-year Treasury yield (US10Y) rose 2 basis points to 3.87%. For all the spikes and tumbles through the year, that’s almost exactly where it ended 2022 at 3.88%. The 2-year yield (US2Y) was down 2 basis points to 4.26%. It finished 2022 at 4.40%.
Unlike the stock market, the bond market will close early at 2 p.m. ET.
The December Chicago PMI arrived at 46.9 versus the 51.0 expected and 55.8 prior level.
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