Nasdaq Composite slips Friday, falls two weeks straight for the first time in 2023: Live updates

September West Texas Intermediate crude oil contracts this week rallied for a 7^th consecutive week for the first time since June 2022, while October Brent — the international benchmark — also rose for a 7th straight week.

September natural gas contracts climbed 7.5% this week — the biggest weekly increase since mid-June.

September gasoline added 6.5% this week, the most in a week since early March, and rising for a 4th week in five.

The S&P 500 Energy Index turned in the best performance of the 11 main sectors in the S&P 500, rising 3.5% this week versus the S&P 500 Health-Care Index's 2.5% gain and the S&P 500's 0.3% loss.

— Scott Schnipper, Gina Francolla

The S&P 500 and Nasdaq Composite closed both Friday's session and the trading week lower.

The S&P 500 ended the session down 0.1%, while the Nasdaq Composite slipped 0.6%. On the week, the S&P 500 and Nasdaq finished down 0.3% and 1.9%, respectively. It was the second straight losing week for both — and a first streak of two down weeks in a row for the Nasdaq this year.

The Dow, on the other hand, finished the session and week higher. The blue-chip index added 0.3% on Friday, helping propel its gains for the week to 0.6%.

— Alex Harring

A raft of economic data and big retail earnings reports next week will give traders insight into the strength of the consumer after a mixed batch of inflation data. 

Investors will parse through July's retail sales data that will come out Tuesday, as well as last month's building permits and housing starts numbers due Wednesday. A slew of key retail reports are also on deck, including Home Depot and big-box merchandisers Target and Walmart.

If those reports come in stronger than expected, that could highlight the continued strength of the economy given a surprisingly resilient consumer — though it could also mean the Federal Reserve still has some ways to go in its fight against inflation. 

"Next week is all about the consumer," said Shannon Saccocia, investment chief at NB Private Wealth.

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— Sarah Min

JPMorgan reiterated its confidence in Krispy Kreme following the donut maker's earnings report, which lifted the stock higher on Friday.

Despite its "pattern of stock volatility," analyst John Ivankoe said he remains overweight on the stock and maintained a $16 price target, which implies shares still stand to gain 28.7%. Krispy Kreme is up 3.3% during Friday's trading session.

"We view Krispy Kreme as a large and widely admired brand, and we believe increased accessibility will allow the company to more fully participate in the $650b "global indulgence" market," Ivankoe wrote in a Friday note.

Krispy Kreme on Thursday reported second-quarter earnings per share of $0.07, falling in-line with expectations from analysts polled by FactSet. The company's revenue of $408.9 million fell $1.8 million short of expectations, however.

"The company seems to be honing in on a "doughnut logistics" strategy, which involves revolving growth around existing "hubs with spokes" assets to drive both revenue growth and incremental margin on top," Ivankoe said.

— Pia Singh

Optimism toward stocks over the next six months among individual investors dipped to 44.7% from 49.0% in the latest weekly survey from the American Association of Individual Investors, while remaining above the historical average of 37.5% for a 10th straight week.

This is the longest stretch of above-average optimism since a 13-week long string in February-May, 2021.

Bearish sentiment expanded to 25.5% of those polled from 21.3% last week, still below the historical average of 31.0%. Pessimism was below average for a 10th conseuctive week, the longest since a 23-week-long ride from February-July, 2021.

The neutral six-month view was little changed at 29.8% from 29.7% last week.

— Scott Schnipper

Investors should snap up shares of Walmart ahead of its third-quarter earnings on Thursday, according to Credit Suisse. 

Analyst Karen Short maintained her outperform rating on the stock and raised her price target, citing the retailer's robust sales momentum driven by trends including strong grocery sales and growth in private label products.

"We continue to believe WMT remains very well positioned for the current environment, as it continues to exhibit solid defensive characteristics, given its value-driven consumables-oriented business in the wake of a volatile consumer backdrop and slowing but elevated inflationary headwinds on the consumer," Short said.

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— Pia Singh

Quarterly reports from big-name companies such as Disney, AMC and Lyft are now in the rearview as the week comes to a close. And this earnings season has continued to surpass expectations.

More than 91% of companies in the S&P 500 have reported, as of midday Friday. Of those, about four-fifths have exceeded analyst consensus estimates for earnings, according to FactSet.

Though the majority of companies have reported, some big names are still on the horizon. Home Depot, Target and Walmart are all slated to report next week.

— Alex Harring

Disney stock is poised to post its biggest weekly gain since March, even when accounting for Friday's slide.

Despite the stock dropping 2.7% in Friday's session, shares are still up 3.5% on the week. If that holds, it will mark the best weekly performance since March 31, when shares finished 6.4% higher.

The bulk of Disney's gain came Thursday, when the stock rallied 4.9%. Disney announced better-than-expected earnings per share on Wednesday, as well as plans to hike prices for advertisement-free Disney+ subscriptions.

— Alex Harring

Solar-related stocks have retreated dramatically this month as the industry contends with worsening demand. Invesco Solar ETF, which tracks about 50 companies in the solar energy space, fell more than 2% on Friday, pushing its August losses to over 10% and on track for its worst month since December.

The latest sell-off came after Maxeon Solar lowered its full-year revenue guidance, which triggered a whopping 32% decline in the stock Friday. Other solar names fell in sympathy, with Enphase, SolarEdge and Sunrun all dropping at least 1% during the session.

— Yun Li

Don't look now, but the best performing sector in the S&P 500 on Friday, this week, this month and this quarter is — energy stocks. The group is outperforming both technology and the broader S&P 500 since June 30.

The S&P 500 Energy Index was recently ahead 1.4% on Friday, 3.4% for the week, 2.5% in August and 9.9% since the start of the third quarter.

The Energy Select Sector SPDR Fund is performing still better, rising about 1.6% Friday, 3.4% for the week, 2.7% in August and 10.7% in the third quarter-to-date.

Better still is the quarterly performance of the VanEck Oil Services ETF, which is higher by 1.4% on Friday, up 2% week-to-date, 1.4% in August, but 21.2% higher in the third quarter.

This week the Paris-based International Energy Agency said global crude oil consumption reached a record 103 million barrels per day in June, and was on pace to exceed that level in August.

— Scott Schnipper

Shares of Kura Oncology are up more than 8.1% on Friday after Bank of America initiated the biotech company into its portfolio. 

Analyst Jason Zemansky assigned Kura with a buy rating and $31 per share price target, which implies 181% upside from Thursday's close. The bank expects Kura to become a winner in blood cancer treatment — with its ziftomenib targeted therapy currently in late-stage development — as well as a major option in other cancer treatments given its tumor program.

"Given solid long-term revenue potential as ziftomenib expands into earlier treatment settings, and possibly additional leukemias, we see shares as significantly undervalued, presenting an attractive opportunity at current levels," Zemansky wrote in a Friday note.

— Pia Singh

Many investors saw a landmark study by obesity drug maker Novo Nordisk as a sign that health insurers couldn't ignore the benefits patients could see from these pricey medicines.

That trial showed obese and overweight adults saw a 20% decline in the occurence of heart attacks and strokes when taking its Wegovy. Shares of Novo Nordisk and its rival Eli Lilly rallied on the news, but a selloff hit shares of a host of companies hard and many have not yet recovered.

Companies that manufacture continuous glucose monitors or robots for bariatric surgery were hit, as well as those developing liver disease treatments.

For a variety of reasons, analysts have said some of these names were hit too hard as the anti-obesity drugs won't wipe out the markets they have created for their products. One example is Dexcom. Its shares are down about 6% week to date, but the average analyst target for the stock projects 34% gains ahead.

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—Christina Cheddar Berk

Fundstrat head of research Tom Lee said Friday that he is still bullish on the stock market, even if the rally appears to have lost steam in August. He added that he is not concerned about stocks trading above the historical average for price-to-earnings ratios.

"People forget that early in an expansion, multiples typically expand by 7 or 8 times. We should be PEs to push to 22, 23, 24 because we're early cycle, and then earnings start to catch up," Lee said on "Squawk Box."

Lee said he expects S&P 500 earnings to be $250 per share in 2024, and that his top sectors for the stock market in the second half of this year are industrials, energy and tech.

— Jesse Pound

As expectations for a U.S recession diminish, leading economists have raised their forecasts for growth, according to a Philadelphia Federal Reserve poll.

The Survey of Professional Forecasters, a significant input for central bank policymakers, showed that expectations for GDP growth in 2023 have been pushed up to a 2.1% annualized rate from 1.3% in the previous survey.

Economists pegged third-quarter growth at 1.9%, up from the previous 0.6%, and now look for gains of 1.3% in 2024, 2.1% in 2025 and 1.7% in 2026. The latter two years were revised lower from previous estimates.

Projections for unemployment and inflation were little changed, with core inflation as measured by personal consumption expenditures prices still figured to come in at 3.7% in 2023.

—Jeff Cox

Chipmakers and popular software stocks sold off this week, ranking among the worst-performing stocks in the Nasdaq-100 on a weekly basis.

Datadog ranks as the worst performer for the week, down more than 16%. That's followed by Trade Desk, down about 12% for the week and more than 3% on the day.

Popular chipmakers are also among the index's worst performers. That includes Marvell Technology, Nvidia, On Semiconductor, Advanced Micro Devices and Micron Technology, down at least 7% each.

Elsewhere, Chinese technology names PDD Holdings and JD.com have each sold off about 7%.

For the week, the Nasdaq-100 is down about 1.6%. It's on pace for its second negative week in a row for the first time since December 2022.

— Samantha Subin

Amazon can build on its already stellar year, as revenue from its cloud business picks up steam once again, according to boutique equity research firm Redburn.

"The deceleration has concluded, and the emphasis now shifts to the reacceleration. Contrary to the general consensus, we project that AWS will experience a more robust reacceleration, exceeding both 2021 levels and market forecasts," analyst Alex Haissl said.

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— Pia Singh

These are some of the companies making headlines in midday trading:

• News Corp — The media company's shares jumped nearly 4% after reporting an earnings beat in the fiscal fourth-quarter. News Corp posted adjusted earnings of 14 cents per share, while analysts polled by Refinitiv had estimated 8 cents per share. Meanwhile, the company's revenue of $2.43 billion missed analyst forecasts of $2.49 billion.
• UBS — Shares rose 5% on news that UBS ended a roughly $10 billion loss protection agreement and a public liquidity backstop with Credit Suisse. The company also confirmed that Credit Suisse fully repaid a 50 billion Swiss franc emergency liquidity loan to the Swiss National Bank.
• Chip stocks — Semiconductor shares dropped more than 2% Friday, putting the sector on pace for a weekly decline of 4.5%. The VanEck Semiconductor ETF (SMH) fell 2.2%. NXP Semiconductors, Lam Research, Applied Materials, Nvidia and On Semiconductor each tumbled by about 3% or more midday Friday. 

The full list can be found here.

— Hakyung Kim

The Dow was the only of the three major indexes on pace to end higher as investors looked to the second half of the trading day. The same was true on a week-to-date basis.

The blue-chip average was up 0.2% in Friday's session shortly after 12:30 p.m. ET. And the 30-stock index was on pace to gain 0.5% on the week.

Meanwhile the S&P 500 and Nasdaq Composite slipped about 0.1% and 0.6%, respectively, in Friday's session. The S&P 500 has slid 0.4% on the week, while the Nasdaq dropped 1.9%.

It would be the second straight losing weeks for both indexes. And it would be the first time the Nasdaq ended two straight weeks lower since the technology-heavy composite's four-week streak that ended in December 2022.

— Alex Harring

The SEC has delayed its decision on whether to approve the Ark21Shares Bitcoin ETF while it awaits comments on an amendment to the application, the regulator said in a filing Friday.

The deadline for the SEC to make some sort of decision on the fund was Aug. 13. The process may now stretch into 2024. 

The Ark21 Shares fund is seen as the first in-line for a potential bitcoin ETF launch, though the SEC could choose to approve many funds at roughly the same time if it does decide to allow them. 

— Jesse Pound

SolarEdge Technologies fell more than 1% on Friday to hit its lowest level since August 2020, while Etsy fell to lows not seen since July 2022.

These stocks also hit notable lows:

• Corteva trading at lows not seen since July 2022
• Concentrix trading at all-time lows back to its spin-off from SYNNEX in November 2020
• Avangrid trading at lows not seen since December 2015
• UGI trading at lows not seen since March 2020
• Olaplex trading at all-time lows back to its IPO in September 2021
• Petco Health & Wellness trading at all-time lows back to its IPO in January 2021

These companies are notching fresh highs:

• Marathon Petroleum trading at all-time highs back to its spinoff from Marathon Oil in June 2011
• CBOE Holdings trading at all-time high levels back to its IPO in June 2010‎
• McKesson trading all-time highs back through history to 1983
• Spectrum Brands trading at levels not seen since July 2022
• NewMarket trading at levels not seen since January 2020

— Samantha Subin, Chris Hayes

With just hours left in Friday's trading session, the Dow is the only of the three major indexes on pace to end the week higher. That's thanks in part to rallies in Disney and Amgen shares.

Amgen is the best performer on a week-to-date basis, up more than 7.5%. Last week, the company reported better-than-expected earnings for the second quarter and raised full-year guidance.

Disney has climbed 4.4%, on pace for its best week since March. The entertainment giant reported earnings and announced pricing changes for advertisement-free Disney+ subscribers on Wednesday.

As a whole, the blue-chip average has gained about 0.4% on the week, while the S&P 500 and Nasdaq Composite have lost 0.5% and 2%, respectively.

Less than half of the 30 stocks in the Dow were down on a week-to-date basis as of midday Friday. Salesforce and Goldman Sachs were the worst performers this week, with both dropping more than 3%.

— Alex Harring

The VanEck Semiconductor ETF (SMH) fell almost 2% on Friday, on pace for the fourth straight negative day. All components were negative on the day and the week.

The ETF is down 4.5% this week, on track to suffer its worst week of the year. The biggest laggards of the week included Marvell, Micron, AMD and Nvidia. Nvidia, a big AI winner, is down more than 7% this week.

— Yun Li, Gina Francolla

Although Carvana raised its guidance for the third quarter, Morgan Stanley still sees a shaky path forward for the used-car retailer.

"Significant challenges remain with respect to the used car consumer and the viability of CVNA's long term business model," analyst Adam Jonas wrote in the note. "Even considering our expectation of continued recovery in the business and less bearish views on the used car market, the stock's reward-skew and downside to PT keeps us UW."

Jonas' new price target still implied a potential drop in the share price.

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— Pia Singh

Consumers have grown slightly less optimistic about the economic outlook, according to the latest University of Michigan sentiment survey.

The August reading came in at 71.2, down slightly from the 71.6 in July and a bit below the 71.7 Dow Jones estimate. However, the current conditions index rose to 77.4, up 0.8 points from July and well above the 58.6 level a year ago.

On the inflation front, expectations were little changed: The one-year outlook was at 3.3% and the five-year was 2.9%, both down 0.1 percentage point from July.

—Jeff Cox

The Dollar index gained around 0.3% at 102.78, nearing its highest level since Aug. 8, when the index traded as high as 102.796.

The measure of the U.S. dollar against a basket of major currencies is up 0.6% for the week. That means it's on pace for its fourth straight week of gains for the first time since Feb. 24.

— Hakyung Kim, Gina Francolla

The three major indexes traded lower as Friday's session kicked off.

The Dow slipped around 78 points, or 0.2%, shortly after 9:30 a.m. ET. The S&P 500 lost 0.5%, while the Nasdaq Composite dropped 0.7%.

— Alex Harring

A solid earnings season and tailwinds from artificial intelligence should continue to push technology stocks higher despite the recent near-term pullback, according to Wedbush Securities.

"We firmly stick with our bullish call that a 12%-15%+ in tech stocks will be in the cards heading into year-end as the new tech bull market has begun in our opinion," wrote analyst Dan Ives in a Friday note.

He expects the recent retreat to be "short-lived" as enterprise cloud spending and hyperscale projects show signs of strength, and the promise of AI boosts fuels ongoing excitement.

"Rome was not built in a day, and neither will the AI ecosystem but lets be clear this build out is unlike anything we have seen since the Internet in 1995 and the ramifications are just starting to ripple through the consumer/enterprise landscape," Ives said, adding that he expects a "green light risk-on" environment into the end of the year.

— Samantha Subin

Copper fell on Friday to its lowest level since June 30, and is on pace for its worst week since Nov. 18.

The metal is down 4.1% week to date. During its worst week in November copper shed about 7.2%.

Elsewhere, the S&P Metals & Mining ETF is down about 1.7% for the week and on pace for its second straight weekly loss. Coeur Mining, Hecla Mining, Piedmont Lithium, Compass Minerals are all down more than 10% this week.

— Samantha Subin, Gina Francolla

The producer price index, a gauge of how much wholesalers pay for raw goods, rose more than expected last month, advancing 0.3%. Economists polled by Dow Jones expected an increase of 0.2%.

— Fred Imbert

Check out some of the companies making headlines in premarket trading:

• UBS: Stock in the Swiss bank ticked up 4.6% before the opening bell following news that UBS ended a $10 billion loss protection agreement and a public liquidity backstop with Credit Suisse. UBS also confirmed that Credit Suisse fully repaid a 50 billion Swiss franc emergency liquidity loan to the Swiss National Bank.
• Six Flags: The amusement park stock slipped 2.5% after missing on second-quarter estimates. The company reported adjusted earnings of 25 cents per share on $444 million in revenue, while analysts polled by Refinitiv forecast 78 cents and $459 million.
• Maxeon Solar Technologies: The clean energy stock tumbled 26% in premarket trading after Maxeon said demand was weakening. Second quarter revenue of $348.4 million missed a guidance range that started at $360 million. Maxeon said it expected revenue to total between $280 million and $320 million in the third quarter. High interest rates was one reason Maxeon cited for the demand issues.

Read the full story here.

— Brian Evans

With just Friday's trading session left in the week, only the Dow is on track to see wins.

The 30-stock index is up 0.3% week to date. Meanwhile, the Nasdaq Composite and S&P 500 have lost 1.2% and 0.2%, respectively.

It would mark the second straight week of losses for both indexes. That weekly streak length would be a first for the Nasdaq since the period of four straight down weeks that ended in December 2022.

— Alex Harring

UBS Global Wealth Management's Solita Marcelli noted that Thursday's consumer price index report gives hope that the Federal Reserve can soon end its rate hiking campaign.

"US inflation data indicated a further cooling of price pressures in July, adding to optimism that the Federal Reserve may be able to call time on rate rises for the cycle," Marcelli said.

To be sure, she added that "while the continued downward trend in inflation should support equity market sentiment, a rosy economic outlook was already priced into stocks."

— Fred Imbert, Michael Bloom

European markets opened lower Friday as investors continue to digest earnings and the latest U.S. inflation data.

The pan-European Stoxx 600 index was down 0.5% in the first minutes of trading, with all sectors opening in negative territory. Mining stocks led losses with a 1% downturn, followed by oil and gas and autos, which both dropped 0.9%.

— Hannah Ward-Glenton

Singapore's Straits Times Index fell 1.22% on Friday after the country's trade and industry ministry trimmed its gross domestic product outlook for 2023.

The full year forecast was narrowed from the range of 0.5% to 2.5% to 0.5% to 1.5%. The STI losses were mainly due to financial and technology stocks, with DBS Group Holdings the largest loser.

The Singapore dollar was little changed strengthening 0.01% to trade at 1.3491 against the greenback.

— Lim Hui Jie

Shares of Chinese real estate company Country Garden Holdings slid to an all time low after the company issued a profit warning late Thursday.

In a filing, the company said that it is expected to record a net loss of about 45 billion ($6.26 billion) to 55 billion yuan for the six months ending June, compared with the 1.91 billion yuan profit for the same period last year.

Country Garden noted this was mainly due to the fall in gross profit margin of its real estate business and the increase in impairment of property projects as a result of the decline in sales in the property sector.

The company saw a sell off this week after it reportedly was not able to make $22 million of U.S. dollar bond coupon payments on time over the weekend.

— Lim Hui Jie

Hong Kong listed shares of Chinese tech giant Alibaba jumped over 3% after the company posted a 51% rise in attributable profit and a 14% increase in revenue year on year for the three months ended June.

That's the biggest annual increase in sales since the September 2021 quarter, according to Refinitiv data.

Hangzhou-headquartered Alibaba has been undergoing major changes in recent months, including splitting the company into six business groups and organizational reshuffles.

Current CEO and Chairman Daniel Zhang will be stepping down in September, but remains head of Alibaba's cloud computing business, as it pushes toward a public listing. Alibaba veteran Eddie Wu will succeed him as CEO, and Joe Tsai will take over as chairman, the company said in June.

"Alibaba delivered a solid quarter as we continue to execute our reorganization, which is beginning to unleash new energy across our businesses," Zhang said in a release Thursday.

— Arjun Kharpal, Lim Hui Jie

Singapore's trade and industry ministry narrowed the growth forecast from 0.5% to 1.5% for 2023, down from its previous forecast of 0.5% to 2.5%.

The city-state posted a 0.5% year-on-year growth in the second quarter, extending the 0.4% growth in the previous quarter. The figure was revised down from a 0.7% advance estimate released in July.

On a quarter-on-quarter seasonally-adjusted basis, the economy expanded marginally by 0.1%, a reversal from the 0.4% contraction in the first quarter of 2023.

— Lim Hui Jie

The FANG+ stocks, which include the biggest names in the technology sector, are on track to end the week in the red.

The First Trust Dow Jones Internet Index Fund is down 1.21% for the week, and its second consecutive negative week.

— Hakyung Kim, Chris Hayes

Check out the stocks making the biggest moves after the bell.

Savers Value Village — Shares of the second-hand merchandise retailer added 3.8% after its second-quarter results beat analyst expectations. The company posted $379.1 million in revenue. Analysts polled by Refinitiv had estimated revenue of $375 million.

MercadoLibre — The Latin America-based e-commerce platform's stock tumbled more than 3% Thursday during post market trading. Shares gained more than 5% and reached a new 52-week high during the main trading session. MercadoLibre appointed a new CFO Thursday after the bell.

Illumina — Shares declined 1.1% after the company disclosed in a regulatory filing that the U.S. Securities and Exchange Commission is conducting an investigation over its acquisition of cancer test developer Grail.

— Hakyung Kim

U.S. stock futures opened flat Thursday.

Futures tied to the Dow Jones Industrial Average added 24 points, or 0.07%. S&P 500 futures inched up 0.06%, while Nasdaq 100 futures ticked up 0.14%.

— Hakyung Kim