Stock market news live updates: Tech underperforms as Nasdaq, stock futures fall

U.S. stocks fell Friday morning as the indexes were on track to end the week on a downbeat note.

The S&P 500 (^GSPC) was down 0.4%, on pace for its worst week of 2023, while the Dow Jones Industrial Average (^DJI) sunk 0.2%. Contracts on the technology-heavy Nasdaq Composite (^IXIC) slid 0.9%.

The yield on the benchmark 10-year U.S. Treasury note ticked up to 3.7% Friday morning. The dollar index ticked up 0.2% to trade at $103.40. Crude oil jumped on news that Russian would cut production, with the US benchmark WTI futures rising over 2% in early trading.

Stocks ended the day lower on Thursday, reversing earlier gains from the day’s trading session as traders parsed through more corporate earnings and economic data.

The S&P 500 has seen choppy price action over the past week, losing more than 1%, after the Federal Reserve raised its short-term interest rate by a quarter percentage point. Data from Bespoke Investments shows that most sectors are trading on the downswing — excluding energy, which has rallied 1% — while communication services has been the weakest performer.

Meanwhile, low liquidity in the market pushed a move in bonds, as the bond market is repricing higher terminal rates and fewer rate cuts in second half of 2023 after last week’s hot jobs report, Fedspeak and the “comeback in auto prices,” Andrew Tyler, US Market Intelligence team at JP Morgan, wrote in a note to clients.

On the macro front, investors will be anticipating the results from the University of Michigan’s consumer survey Friday morning, which could weigh in and help the narrative of inflation.

In specific stock moves, shares of PayPal (PYPL) rose after the platform company posted quarterly results after the bell on Thursday. PayPal’s total payment volume missed by 2% from analyst expectations. Net revenue climbed 6.7% year over year. PayPal’s adjusted earnings per share of $1.24 beat analyst expectations by 3%, which helped drive stronger-than-expected guidance.

On the corporate side, President and CEO Dan Schulman announced his retirement from the company at the end of the year. Schulman will continue to serve on the board of directors while the company searches for a successor.

Meanwhile, Lyft (LYFT) stock sank more than 30% after the ride-share company reported first quarter earnings that came in at $975 million, which was below consensus expectations of $1.09 billion. The adjusted net loss of $270.8 million was more than the $90.2 million loss from the same period a year ago.

Cloudflare (NET) stock climbed Friday after the company reported earnings that came in above analyst expectations.

Expedia (EXPE) shares fell before the opening bell after the travel company posted quarterly revenue of $2.62 billion, below expectations of $2.71 billion. Adjusted earnings per share of $1.26 missed analysts’ consensus of $1.77.

On the retail side, Adidas faces a billion-dollar problem. The German sportswear giant warned of a $1.3 billion loss in revenue this year as the company was unable to sell Yeezy clothing and shoes.

Coinbase (COIN) shares dipped Friday morning after rival Kraken faced regulatory penalties of $30 million as part of a settlement with the Securities and Exchange Commission. The crackdown sparked Coinbase CEO Brian Armstrong to tweet concern about “rumors” that the SEC would “like to get rid of crypto staking in the U.S.”

Bitcoin stands at about $21,844 Friday morning, leading to the assumption that the digital asset “appears to have entered into a correction phase,” said Craig Erlam, a senior market analyst at Oanda.

Dani Romero is a reporter for Yahoo Finance. Follow her on Twitter @daniromerotv

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