Wall St. On Track for Winning Week Despite Negative Start to Friday

Stocks slipped on Friday, but the major averages headed for a winning week and the Dow Jones Industrial Average barreled toward its best week of the year.

The 30-stock index slipped 119.59 points to 39,661.78.

The S&P 500 index staggered 4.41 points to 5,241.52,

The NASDAQ fell 14.39 points to 16,387.44.

FedEx rose more than 8% after posting adjusted earnings that beat analyst estimates, while Nike sank 8% on disappointing guidance and slowing China sales. Lululemon slid 18% on weak guidance and slowing growth in North America, and headed for its worst day since March 2020.

All three major averages are tracking for healthy gains this week, with the S&P 500 on pace for a 2.4% pop and the NASDAQ rising 2.6%. The Dow is the outperformer of the three, up 2.7% through Thursday’s close and on pace for its best week since December.

Prices for the 10-year Treasury were higher, lowering yields to 4.22% at Thursday’s 4.27%.

Oil prices stuttered 41 cents to $80.66 U.S. a barrel.

Gold prices sank nine dollars to $2,175.70.

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