The U.S. stock market lacked clear direction on Friday as traders assessed the latest mixed earnings reports and producer inflation data.
The Producer Price Index (PPI) came in at 1% year-on-year in December, up from a downwardly revised 0.8% in November, but below the predicted 1.3%.
The S&P 500 and Nasdaq remained relatively stable, hovering near the unchanged level, while the Dow Jones index experienced a decline of approximately 130 points, or 0.4%. Small-cap stocks, as represented by the iShares Russell 2000 ETF (NYSE:IWM), saw a marginal 0.1% decline.
Bitcoin experienced a substantial drop in value following the approval of a spot Bitcoin ETF. The cryptocurrency plummeted by over 6% Friday, marking its worst session since mid-August 2023, as traders likely opted to take profits on the news after the significant 60% rally it had seen since October.
Contrastingly, physical gold, as monitored by the SPDR Gold Trust (NYSE:GLD), which was initially expected to be one of the assets most affected by the approval of the spot Bitcoin ETF, increased by 1%, surpassing the $2,050 per ounce mark.
U.S. Treasury yields showed mixed movements in different maturities. The two-year yields decreased to 4.17%, while the 30-year yield increased to 4.2%.
Friday’s Performance In US Major Indices, ETFs
| Index | Price | Percentage Change (%) |
|---|---|---|
| Nasdaq 100 | 16,830.16 | +0.1% |
| S&P 500 | 4,779.46 | 0.0% |
| Russell 2000 | 1,951.55 | -0.1% |
| Dow Jones | 37,563.48 | -0.4% |
The SPDR S&P 500 ETF Trust (NYSE:SPY) held steady at $476.71, the SPDR Dow Jones Industrial Average (NYSE:DIA) inched 0.3% down to $375.99 and the tech-heavy Invesco QQQ Trust (NASDAQ:QQQ) was flat at $409.59, according to Benzinga Pro data.
Sector-wise, the Energy Select Sector SPDR Fund (NYSE:XLE) was the outperformer, up 0.8%. The Consumer Discretionary Select Sector Fund (NYSE:XLY) lagged behind, down 1%.
On an industry level, the VanEck Gold Miners ETF (NYSE:GDX) rallied, up 2.7%. Airline stocks, as tracked by the U.S. Global JETS (NYSE:JETS), tumbled 4.7%
Friday’s Stock Movers
UnitedHealth Group Inc. (NYSE:UNH) experienced a 3.6% decline, although the company exceeded earnings expectations, mainly due to reporting a higher-than-anticipated utilization of medical services.
Tesla Inc. (NASDAQ:TSLA) faced a 4% drop in its stock value, primarily driven by negative…
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