US stocks rose at the open on Friday as bond yields retreated slightly from their recent run.
The S&P 500 (^GSPC) edged up about 0.5%, while the Dow Jones Industrial Average (^DJI) rose 0.2%. Contracts on the technology-heavy Nasdaq Composite (^IXIC) rose about 0.8%.
The yield on the benchmark 10-year U.S. Treasury (^TNX) dipped below, then climbed back above the key 4% level on Friday morning after services data showed economic activity had increased in February. Crude Oil traded weaker, with the US benchmark WTI (CL=F) down to $76.60 a barrel.
On the economic data side, economic activity in the services sector increased in February for the second consecutive month, with the ISM Services PMI coming in at 55.1, slightly lower than the 55.2 recorded in January and earlier. above economists’ expectations of 54.5.
February’s ISM Services figures “suggest that activity continues to expand at a reasonably healthy pace, but provide further reason to doubt the idea that there has been a resumption of growth since the start of the year,” said Andrew Hunter, deputy chief U.S. economist at Capital Economics. , wrote in a note after the publication.
The moves came after stocks rallied on Thursday, with the S&P 500 trading lower for most of the session before rallying after comment from Atlanta Federal Reserve Chairman Raphael Bostic.
Bostic said he was still open to raising rates by another quarter of a percentage point at the central bank’s March meeting. “I let myself be guided by the data,” Bostic told reporters during a press briefing. “If the data continues to suggest the economy is stronger than I had expected, I will adjust my policy course.”
Bostic, who is not a voter on monetary policy this year, wrote an essay on Wednesday calling on the Fed to raise its key rate by 50 basis points to a range of 5% to 5.25% and then hold it there. until 2024.
Fed officials raised the benchmark rate by a quarter of a percentage point in February, bringing the target to a range of 4.5% to 4.75%. Policymakers will release new projections after the March 21-22 central bank meeting.
In single stock moves, shares of C3.ai (AI) jumped 16% on Friday morning after the company posted fiscal third-quarter revenue of $66.7 million, beating expectations. analysts’ $64.2 million.
Shares of Costco (COST) fell 3% after the bulk retailer reported mixed second-quarter results. Total revenue for its latest quarter was $55.27 billion, slightly below analysts’ expectations of $55.58 billion. During the earnings call, the company provided encouraging news on the inflation front.
Shares of ChargePoint (CHPT) edged higher on Friday morning after the maker of electric vehicle charging stations reported disappointing results and released softer guidance.
Amazon shares rose nearly 3% as the company pauses construction in its second quarter in Arlington, Virginia. The move follows the tech giant announcing job cuts following slowing consumer and business spending.
Marvell Technology (MRVL) stock fell after the company reported mixed results, with earnings in line with expectations, but forecasts were weaker than expected.
In the cryptocurrency market, Bitcoin (BTC) and Ether (ETH) fell as customers withdraw funds from crypto bank Silvergate (SI), whose shares fell more than 57% during the session. Thursday’s negotiation. Following Bitcoin’s fall, the pullback is close to 10% and the digital asset is on course to close below its 50-day moving average for the first time in nearly two months, according to data from Bespoke Investment Group. .
Dani Romero is a reporter for Yahoo Finance. Follow her on Twitter @daniromerotv
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