Stock market live Friday: Dow ends lower, Intel sheds 10%, first down week in 4

This is CNBC's markets live blog that was updated throughout the day. 

The 30-stock Dow fell on Friday as Intel dropped after posting disappointing data center revenue. Uncertainties over the next stimulus deal continued to keep investors on edge. The Dow and the S&P 500 suffered their first weekly loss in four.

Friday's market by the numbers

  • Dow closed down 0.10% for its second negative day in three
  • Dow closed down 0.95% this week for its first negative week in four
  • S&P 500 closed up 0.34% for its third positive day in four
  • S&P 500 closed down 0.53% this week for its first negative week in four
  • Nasdaq closed up 0.37% for its third positive day in four
  • Nasdaq closed down 1.06% for its first negative week in five
  • Regional Banks (KRE) closed up 8.07% this week for their best week since June 5
  • Nine out of 11 sectors were positive Friday led by communication services, which gained 1.08%. — Gina Francolla

Dow closes lower, snaps 3-week win streak

The Dow finished Friday's session about 27 points lower, dragged down by a 10% drop in Intel shares. The 30-stock benchmark fell about 0.9% this week, snapping a three-week winning streak. The S&P 500 and the Nasdaq closed about 0.4% higher, but they still posted weekly losses. — Yun Li

Final hour of trading: Major averages on pace for weekly loss

With roughly an hour left in Friday's session, major averages were all on track for losses on the week. The Dow last traded about 60 points lower after falling as much as 213 points. The S&P 500 and the Nasdaq were both little changed. — Yun Li

Markets at midday: Stocks fall to end a downbeat week

The major averages were lower around midday as traders continued to grapple with the uncertainty surrounding new U.S. fiscal stimulus. The Dow slid 200 points, or 0.7%. The S&P 500 dipped 0.3% and the Nasdaq Composite pulled back by 0.4%.  The three benchmarks were also headed for weekly losses. —Fred Imbert

Stocks on the move in midday trading

A number of stocks were on the move during midday trading on Friday, including Boston Beer Company, which jumped on strong guidance, while Snap looked to end its record week on a high note. Intel, however, traded lower thanks to weakness in one of its divisions, while Virgin Galactic got a lukewarm call from Goldman Sachs.

Read more about stocks making headlines here. — Pippa Stevens

Stocks hit session lows amid stimulus uncertainty

Major averages extended losses around midday trading with the Dow falling 180 points at its session low. The move lower came after President Donald Trump said he does not want a stimulus deal to bail out Democratic states, Reuters reported. Treasury Secretary Steven Mnuchin said Thursday he and House Speaker Nancy Pelosi still have "significant differences," according to Reuters. The S&P 500 last traded 0.3% lower and the Nasdaq dipped 0.5%. — Yun Li

Final debate to provide late momentum for Trump?

Following Thursday night's second and final debate between President Donald Trump and former Vice President Joe Biden, Raymond James said some could see it as providing a tailwind for the president.

"We would anticipate a narrative to emerge on whether the debate will be a 'turning point' in the election that provides late momentum for President Trump, following what was a near-universally panned first debate performance," Raymond James analyst Ed Mills wrote in a note to clients.

However, he noted that almost 50 million people have already voted, meaning the impact of Thursday's debate could be muted.

"From a market perspective, the biggest question will be if the race tightens to the point where a contested election becomes more probable," he added. — Pippa Stevens

Virgin Galactic shares fall 5% as Goldman warns investors of ‘substantial question marks’

Shares of Virgin Galactic fell about 5% in early trading Friday after Goldman Sachs initiated coverage of the space tourism stock with a neutral rating. Goldman is the only one of nine Wall Street firms to give shares less than the equivalent of a buy rating, with the firm saying Virgin Galactic's "long-term upside potential could be substantial" but that "substantial question marks" remain.

"Long-term upside potential could be substantial, if SPCE can capture the space travel and supersonic flight opportunity. But the time to realization of the opportunity is very long, customer adoption and recurrence uncertain, and potential for competition not insignificant," Goldman Sachs analyst Noah Poponak said in a note to investors.

Other than Goldman, Virgin Galactic has the equivalent of buy ratings from Morgan Stanley, Bank of America, Vertical Research Partners, Cowen, UBS, Susquehanna, Credit Suisse and Alembic Global Advisors. – Michael Sheetz

Nasdaq goes red

The Nasdaq Composite gave up its early gains and dipped into negative territory. Intel weighed on the index with a loss of roughly 10%. VeriSign and Citrix fell 4% and 3%, respectively. — Jesse Pound

Here are Friday’s biggest analyst calls of the day: Virgin Galactic, Intel, Pfizer, Tesla & more

  • RBC upgraded PulteGroup to outperform from sector perform.
  • Oppenheimer initiated Shake Shack as outperform.
  • DA Davidson upgraded Mattel to buy from neutral.
  • Morgan Stanley raised its price target on Tesla to $360 from $333.
  • Bank of America downgraded Intel to underperform from neutral.
  • Piper Sandler downgraded Fastly to underweight from neutral.
  • Morgan Stanley downgraded Citrix to equal weight from overweight.
  • Truist initiated AbbVie, Eli Lilly, Pfizer, and Merck as buy.
  • RBC upgraded Whirlpool to sector perform from underperform.
  • Goldman Sachs initiated Virgin Galactic as neutral.
  • Oppenheimer downgraded Best Buy to perform from outperform.
  • Argus downgraded Phillip Morris to hold from buy.

Pro subscribers can read more here.Michael Bloom

Stocks open in positive territory

The major indexes opened higher on Friday as the U.S. market trimmed its losses for the week. The Dow gained 65 points, or 0.2%. The S&P 500 and Nasdaq Composite gained 0.4% and 0.3%, respectively. — Jesse Pound

Bitcoin on pace for best week since July

Bitcoin has risen almost 14.3% this week, on pace for its best week since July 31 when the cryptocurrency gained 17.97%. This week's strength largely came from the news that PayPal will allow its users to buy, hold and sell cryptocurrencies. Billionaire hedge fund manager Paul Tudor Jones on Thursday called bitcoin the best inflation hedge, saying its rally is only in the "first inning." — Yun Li, Gina Francolla

Fastly drops 3% after downgrade

Shares of Fastly fell 3% in premarket trading on Friday after Piper Sandler downgraded the cloud computing services provider to "underweight" from "neutral," citing concern about slowing business from TikTok. Fastly previously said the Chinese social media platform is its single largest customer. Last week, the company dialed back its third-quarter revenue guidance and withdrew its full-year forecast due to uncertain geopolitical tensions. — Yun Li

Final presidential debate recap

Thursday night's debate between President Trump and former Vice President Joe Biden wasn't as fiery as their first meeting, but the two challenged each other over the coronavirus pandemic, the economy and foreign interference in the election, among other things.

Read the highlights here. — Pippa Stevens

Mattel jumps after earnings beat

The toy stock jumped 7.6% in premarket trading after a stronger-than-expected earnings report. Mattel reported profit of 95 cents a share and $1.63 billion in revenue, while analysts surveyed by Refinitiv expected 39 cents a share in earnings and $1.46 billion in revenue. — Jesse Pound

10-year Treasury yield rises for a 7th day

The benchmark 10-year Treasury yield climbed for a seventh straight day on Friday to 0.859%, the highest level since June. The yield on the 30-year Treasury bond also rose slightly to 1.680%. Yields move inversely to prices. Rates' move higher came amid signs of progress toward a stimulus package as well as positive news on the coronavirus treatment front. — Yun Li

Gilead jumps 5% after FDA approves remdesivir

Gilead Sciences gained more than 5% in premarket trading after the Food and Drug Administration approved the company's drug, remdesivir, for use as a treatment against the coronavirus. The drug was previously authorized by the FDA for only emergency use. The intravenous drug has helped shorten the recovery time of some hospitalized Covid-19 patients.— Yun Li

Intel shares sink following earnings

Shares of Intel dropped more than 9% after the company's third quarter earnings results. The company earned an adjusted $1.11 per share, which was in-line with Street expectations. Revenue came in at $18.3 billion, which was slightly ahead of the expected $18.24 billion.

But weakness in the company's data center unit weighed on shares. For the quarter the division earned $5.91 billion, down 7% and below the estimate of $6.21 billion, according to analysts surveyed by FactSet.

Bank of America downgraded the stock to underperform following the report, noting "rising challenges on multiple fronts." — Pippa Stevens

Futures point to positive open

Futures tied to major U.S. equity benchmarks edged higher on Friday as investors digested a slew of corporate earnings and monitored signs of progress toward a new coronavirus aid deal. Dow Jones Industrial Average futures rose 90 points, implying an opening gain of about 100 points. S&P 500 and Nasdaq 100 futures gained 0.3% and 0.2%, respectively. The Dow and the S&P 500 were on pace for their first negative week in four. — Yun Li