The US stock market closed slightly higher on Friday as traders assessed more corporate earnings, but all three major indices finished in negative territory for the week. The Nasdaq lost 0.3% for the week, and the Dow dipped 0.2% to snap a four-week winning streak. The S&P 500 ticked down less than 0.1% for the week. According to FactSet, more than 75% of S&P 500 companies reported so far have exceeded analysts’ earnings expectations. Mega-cap tech like Alphabet and Amazon are on deck for next week’s quarterly results. As of 4:00 p.m. ET on Friday, the S&P 500 was 4,133.52, up 0.09%. Dow Jones Industrial Average: 33,808.96, up 0.07% (22.34 points). Nasdaq Composite: 12,072.46, up 0.11%
In an exclusive interview with Insider, economist Mohamed El-Erian explained the credit squeeze threatening the US economy and the risks of more interest rate hikes. Bloomberg reports US money-market funds saw their assets drop for the first time since last month. According to Larry Summers, the Federal Reserve has inflation on the ropes while lamenting the debt-ceiling fiasco. According to Citi’s chief economist, the US economy could be headed towards a credit crunch that would only prolong a recession. West Texas Intermediate crude oil increased 0.49% in commodities, bonds and crypto, to $77.75 per barrel. Brent crude, oil’s international benchmark, rose 0.59% to $81.58. Gold declined 1.79% to $1,993 per ounce. The yield on the 10-year Treasury rose 2.3 basis points to 3.568%. Bitcoin dropped 3% to $27,255.
