The Dow Jones Industrial Average wavered, falling 0.3% at closing bell. On Friday, Richmond Fed President Tom Barkin indicated that he's willing to raise rates if inflation doesn't fall soon.
He warned against backing off rate hikes too early.
The S&P 500 also fell 0.4%. Consumer staples and utilities gained at 4 p.m. ET. Health care stocks made some gains. The Healthcare Select Sector SPDR ETF rose above the 50-day moving average this week.
The Nasdaq pared back early gains to end 0.7% lower. Software leaders fell, while Adobe and Tesla gained.
Volume on the NYSE and on the Nasdaq was higher compared with the same time on Thursday.
The small-cap Russell 2000 lagged, falling 0.9%. The Innovator IBD 50 fell 0.4%.
The yield on the benchmark 10-year Treasury note rose 4 basis points to 3.76%. Crude oil rose to $71.94 a barrel.
Stocks Moving Today Outside Dow Jones
Adobe rose after it announced second quarter earnings late Thursday. The company sees generative AI increasing further adoption of its products. The stock pared back most of its early gains, ending 1% higher.
IBD Leaderboard stock DraftKings fell over 1% after rising earlier on news of its offer to acquire PointsBet's U.S. business. The deal would be an all-cash transaction valued at $195 million. Shares pared back to test the 21-day moving average on Friday.
SpaceX rival Virgin Galactic surged in strong volume as it rolls out plans to start its commercial space operations later this month. But most of its early gain faded. The stock, which soared more than 45% earlier today, was up 16% at the close.
Electric vehicle maker Lordstown Motors surged nearly 3% earlier in the day partly on news of $140 million funding from the National Electric Vehicle Infrastructure group to install EV charging stations in Ohio. The stock ended 0.5% lower.
But an apparent short squeeze among EV startups is likely setting up a mini-rally.
Tesla rival Nikola had a strong week as well. NKLA shares doubled this week and pared some of those hefty gains Friday. The stock, however, trades at just 1.30 a share.
Tesla rose nearly 2% as CEO Elon Musk meets French President Emmanuel Macron on a possible second plant in Europe. Plans for a plant in Spain are already underway, according to reports.
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These Stocks In Focus
In the Dow, Intel continued its winning streak after breaking out at a buy point of 33.84 on Tuesday. Cisco also added to gains after a breakout at 50.58 earlier this week.
On Holdings is building support at the 50-day line. Shares of the Swiss-based running shoe maker are in a profit-taking zone from an earlier buy point of 24.11, but may offer a new entry. ONON is on the IBD Leaderboard Watchlist. Read more: Roger Federer-Backed On Holding Tests Key Level. Here's How To Trade ONON Stock.
Datadog is in a cup-with-handle pattern approaching a buy point of 103.80. The Big Cap 20 stock is in the highly ranked enterprise software group.
Also outside Dow Jones, Fluence Energy has fallen below its 26.78 buy point. Watch for the stock to form a handle with an entry at 29.55. The IBD 50 company makes energy storage products and cloud-based software for renewable energy and energy-storage companies.
FedEx is hovering near a buy point of 235.81 ahead of its earnings report on Tuesday.
The U.S. consumer sentiment index improved in June to 63.9 from 59.2 in May, according to the University of Michigan's preliminary survey. The inflation outlook was lower.
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