4:21pm: Indexes notch another winning weak
The Dow closed Friday up 391 points, 1.2%, at 34,283, the Nasdaq Composite gained 277 points, 2.1%, to 13,798 and the S&P 500 climbed 68 points, 1.6%, to 4,415. The small-cap Russell 2000 index added 18 points, 1.1%, to 1,705.
The Friday rally led the indexes to their second straight week of gains, led by the Nasdaq, which added 2.4% this week.
Microsoft was among the tech stocks to rise, gaining 2.4% Friday.
Investors were also relieved to see the 10-year Treasury yield hold in place Friday after rising more than 10 basis points on Thursday.
12:05pm: Wall Street headed for another winning week
US stocks were higher in noon trading after the benchmark 10-year Treasury yield was down about five basis points.
At midday, the Dow gained 172 points to 34,065 while the S&P 500 added 35 points at 4,383 and the tech-heavy Nasdaq rose 173 points to 13,695.
"A continued high level of unfilled job openings and solid private sector balance sheets support our view for a ‘softish’ economic landing," UBS head of US equities David Lefkowitz wrote in a note.
Notable movers included shares of Trade Desk Inc (NASDAQ:TTD), which sank 18% after the digital ad company provided weak revenue guidance for the fourth quarter.
9:40am: US stocks resume upward path
US stocks rallied on Friday, as bond yields ebbed, after hawkish comments from Fed chair Jerome Powell had sparked heavy falls on Thursday.
Shortly after the opening bell, the Dow Jones Industrial Average was up 83.26 points, 0.3%, at 33,975.20, the S&P 500 was up 10.30 points, 0.2%, at 4,357.65 and the Nasdaq Composite was 61.90 points, 0.5%, at 13,583.35.
The Trade Deck crashed 30% after the digital ad company offered weak revenue guidance for the fourth quarter after the closing bell Thursday, while Illumina slid 12% after it lowered full-year guidance after third quarter revenue missed expectations.
Wynn Resorts (NASDAQ:WYNN) rose 5.2% after the casino operator reported better than expected results in the third-quarter and inked a pay deal with unions ending a strike threat against the firm.
Still to come, the University of Michigan is set to issue a preliminary reading on its consumer sentiment index for November.
7:00am: Stocks seen lower as Powell quashes rally for now
US stocks are expected to open modestly lower after comments by Federal Reserve chair Jerome Powell sparked heavy falls in equities on Thursday.
In pre-market trading, futures for the Dow Jones Industrial Average were flat, while those for the S&P 500 were 0.1% lower, and contracts for the Nasdaq 100 futures were down 0.3%.
The US Federal Reserve is prepared, if needed, to hike interest rates further in order to bring inflation down to its long-term two percent target, Fed Chair Jerome Powell said.
"We know that ongoing progress toward our two percent goal is not assured: Inflation has given us a few head fakes," Powell told a conference in Washington. "If it becomes appropriate to tighten policy further, we will not hesitate to do so," he added.
Joshua Mahoney at Scope Markets noted Powell’s comments helped bring the equity market resurgence to a “grinding halt,” with his apparent hawkish tone pertinent ahead of US inflation figures next Tuesday.
Sophie Lund-Yates said Powell’s suggestion that battle to “vanquish inflation could still need an extra pair of hands” upset an investor base that had grown “increasingly optimistic that policymakers would stick to the hands-off approach.”
In economic news, the University of Michigan will release the preliminary reading of its consumer sentiment index for November, which economists expect will be essentially unchanged at a level of 63.7, compared with 63.8 in October.