The U.S. stock market wrapped up a record-setting week with gains on Friday, though other financial markets showed mixed signals. The S&P 500 rose 0.6%, marking its first increase since reaching an all-time high three days earlier. The Dow Jones Industrial Average added 423 points, or 0.8%, while the Nasdaq composite climbed 0.6%.
Oil prices fluctuated due to ongoing uncertainty about the impact of the war with Iran on global energy markets. Brent crude prices swung between $102.50 and $105 before settling at $104.72, up 0.4%. In the bond market, Treasury yields also saw volatility, with the 10-year yield rising to 5.24% from 5.22% late Thursday. This marks the highest yield since 2002, driven by concerns over high inflation, government debt, and sustained economic growth.
Humana led the market with an 11.6% surge after reporting positive data on its Medicare Advantage plans. Cell tower companies also saw significant gains, with Crown Castle up 15.6% and American Tower rising 9.3%, following SpaceX's announcement of a spectrum purchase that could boost its mobile services. Meanwhile, wireless carriers like T-Mobile US, AT&T, and Verizon experienced declines due to the threat of new competition.
Delta Air Lines reported slightly weaker-than-expected summer profits, citing higher fuel costs, but managed a minor gain. The pressure is on for companies to deliver strong profit growth amid high bond yields. Next week, major banks like Citigroup, JPMorgan Chase, and Wells Fargo are set to report earnings. Consumer sentiment is waning, particularly among lower-income Americans, as inflation expectations rise to 4.7%. Global markets saw gains in Europe and mixed results in Asia.