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Stocks waver on Wall Street and remain near records

By DAMIAN J. TROISE  -  AP

NEW YORK (AP) — Stocks wavered in morning trading on Wall Street Friday as the first week of corporate earnings season closes out with markets trading near record levels.

The S&P 500 rose 0.1%. The Dow Jones Industrial Average fell 83 points, or 0.2%, as of 10:07 a.m. Eastern. The Nasdaq composite rose 0.2%.

Technology stocks were doing the heavy lifting for the broader market. Most stocks within the S&P 500 were losing ground, but several big technology stocks made strong gains and countered losses elsewhere.

Nvidia rose 1.3% and Broadcom rose 1.8%. They are among several Big Tech companies with outsized valuations that often push the market higher or lower.

A handful of regional U.S. banks reported their earnings following mixed reports from their larger peers. Pittsburgh’s PNC jumped 3.8% after it beat Wall Street’s fourth-quarter targets, but Regions Financial fell 2.9% after reporting results that missed forecasts.

Outside of the banking sector, transport company J.B. Hunt Transport Services fell 1.5% after reporting mixed quarterly financial results.

Crude oil prices rose after dropping sharply on Thursday. The price of U.S. crude oil rose 1% to $59.76 and the price of Brent crude, the international standard, rose 1% to $64.39.

Treasury yields moved higher in the bond market. The yield on the 10-year Treasury rose to 4.19% from 4.17% late Thursday.

European markets fell, and markets in Asia were mixed. Taiwan's benchmark index rose 1.9% after its government signed a trade deal with the U.S. China, which claims the self-governed island as its own territory, protested the agreement.

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