Stocks wobble as Wall Street heads for a mixed weekly finish

<p><p>Stocks wobbled in afternoon trading on Wall Street Friday and major indexes were on track for a mixed finish to a choppy week.</p></p><p><p>The S&amp;P 500 rose 0.1% as of 12:07 p.m. Eastern. The Dow Jones Industrial Average fell 187 points, or 0.5%, to 35,682 and the Nasdaq rose 0.7%.</p></p><p><p>Smaller-company stocks fell more than the broader market. The Russell 2000 fell 0.6%.</p></p><p><p>Technology stocks made solid gains. TurboTax maker Intuit jumped 9.8% after raising its profit forecast for its fiscal year. Software maker Adobe rose 3.7%.</p></p><p><p>Several companies that rely on direct consumer spending for goods and services also made solid gains. Amazon rose 1.5% and Nike rose 3%.</p></p><p><p>Moderna jumped 4.7% and Pfizer added 0.6% after the <a href=”https://apnews.com/article/coronavirus-pandemic-science-business-health-centers-for-disease-control-and-prevention-34aabde2c1c5a88c7763fa1dac77df5f” target=”—blank”>Food and Drug Administration opened up coronavirus booster shots</a> from the two companies to all adults.</p></p><p><p>Bond yields fell significantly. The yield on the 10-year Treasury fell to 1.53% from 1.59% late Thursday.</p></p><p><p>Falling bond yields weighed down banks, which rely on higher yields to charge more lucrative interest on loans. Bank of America fell 1.9%.</p></p><p><p>U.S. crude oil prices fell 3.7% and sent energy stocks lower. Exxon Mobil shed 4.6%.</p></p><p><p>It’s been a choppy week for Wall Street as investors reviewed earnings from a range of retailers to essentially close out the latest round of corporate report cards. More than 95% of companies in the S&amp;P 500 have reported their latest quarterly results.</p></p><p><p>Companies have reported overall earnings growth of about 40%, outpacing analysts’ forecasts for 23% growth made back in June.</p></p><p><p>Investors have been shifting their focus to rising inflation and that has pushed stocks into a bumpier path after weeks of solid gains.</p></p><p><p>The S&amp;P 500 and the Nasdaq, which both closed at record highs on Thursday, are on track for weekly gains after swaying between gains and losses throughout the week.</p></p><p><p>The Dow and Russell 2000 are headed for weekly losses.</p></p><p><p>Businesses are facing higher raw materials costs and supply chain problems that have been cutting into operations.</p></p><p><p>That has raised concerns that a wide range of industries could see growth stunted into 2022.</p></p><p><p>The latest examples include Williams-Sonoma, which shed 1.2% after the seller of cookware and home furnishings warned investors that supply chain problems could hurt its inventory through the middle of 2022.</p></p><p><p>Applied Materials fell 2.1% after reporting weak financial results and a disappointing profit forecast partly because of supply chain problems.</p></p><p><p>Wall Street is also worried about consumers eventually pulling back on spending because of higher prices.</p></p><p><p>Prices for U.S. consumers jumped 6.2% in October compared with a year earlier, leaving families facing their highest inflation rate since 1990, the Labor Department said.</p></p><p><p>The higher prices have yet to derail consumer spending, though, and retail sales jumped 1.7% in October, according to the Commerce Department. That was the biggest month-to-month gain since March.</p></p>