Stock Market Today: Stocks climb as Treasury yields ease, but weekly losses narrow

U.S. stocks rose Friday morning as Treasury yields edged lower, but markets were still on track for weekly losses as uncertainty over the Fed's next move cast a shadow over the full-blown earnings season.

The S&P 500 (^GSPC) rose 0.8%, after the benchmark snapped a three-day losing streak. The Dow Jones Industrial Average (^DJI) added 0.4%, while the tech-heavy Nasdaq Composite (^IXIC) added 1.3%.

Stocks are recovering somewhat as U.S. bond yields have lifted some recent pressure on risk appetite. The benchmark 10-year yield (^TNX) fell to around 4.19%, retreating from a three-month high of 4.25% hit in mid-term.

But the Dow and S&P 500 still look poised for a down week after taking a hard knock from that wave, amid concerns the Federal Reserve will slow interest rate cuts.

Read more: What Fed Rate Cuts Mean for Bank Accounts, CDs, Loans and Credit Cards

Investors are now starting to look at potential disruptions on the horizon: the November US jobs report next Friday and the tight presidential election a week later.

Meanwhile, earnings slowed as the week ended, with Colgate-Palmolive ( CL ) the highlight.

At the same time, Tesla's ( TSLA ) earnings surprise set the stage for five more “Magnificent Seven” megacap reports next week: Google parent Alphabet ( GOOG , GOOGL ), Meta ( META ), Microsoft ( MSFT ), Apple ( AAPL ), and Amazon. (AMZN).

Elsewhere in corporate, Capri ( CPRI ) stock cratered after a judge blocked the parent of Michael Kors from a merger with Coach owner Tapestry ( TPR ).

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Tesla is still a car company – and for now, that's okay

What seems clear after Tesla's latest earnings report is that, for now, it's primarily a car company, writes Julie Hyman of Yahoo Finance. And the more successful a car company is, the more runway investors will give it to convert.

The numbers help tell the story: Tesla's automotive revenue last quarter was $20.02 billion, 79% of the total. Auto services accounted for 11%, and energy generation and storage accounted for about 9%.

It was profitability that really encouraged investors last quarter, coming in at 17.1% for the auto segment, ex-regulatory credits. That helped send Tesla stock up 22% for its biggest one-day gain since May 2013, while Musk predicted that deliveries would pick up this year and grow to something like “20% to 30%” next year.

That sent Tesla shares back into the green for the year, after a bumpy road. In the two weeks since the company's Robotaxi event, the stock has fallen 11%.

Read more about Tesla improving profits and cutting costs to make vehicles.
Stocks cap a rough week

U.S. stocks rose Friday morning as Treasury yields edged lower, and uncertainty over the Fed's next move overshadowed an earnings season in full swing.

The S&P 500 (^GSPC) rose roughly 0.5%, after the benchmark snapped a three-day losing streak. The Dow Jones Industrial Average (^DJI) added 0.4%, while the tech-heavy Nasdaq Composite (^IXIC) gained about 0.6%.

Stocks are recovering somewhat as U.S. bond yields have lifted some recent pressure on risk appetite. The benchmark 10-year yield (^TNX) fell to around 4.18%, retreating from a three-month high of 4.25% hit in mid-term.

The S&P and Dow are on track to record losses for the week.
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Financial Information: Durable goods orders (early September); University of Michigan Consumer Sentiment, (October); Kansas City Fed Services Activity (October).

Earnings: New York Community Bancorp (NYCB), Colgate-Palmolive (CL), Booz Allen Hamilton (BAH), Aon (AON), WisdomTree (WT), Piper Sandler (PIPR), Centene Corporation (CNC), Newell Brands (NWL).

Here are some of the big stories you missed overnight and this morning:

Tesla is still a car company – and for now, that's okay

$8.5 billion Tapestry deal blocked after Capri stock craters

Mercedes-Benz will cut costs as China's slowdown drags down revenue

Apple's iPhone sales in China fall in the third quarter, Huawei's share rises

Chinese robotaxi startup WeRide receives $4.21B valuation in US IPO

BofA's Hartnett says bets on gold are rising ahead of the US election

Amazon Prime has introduced new benefits to save gas