Stocks finished mixed Friday, falling for a second week, as a volatile tech sector has traders questioning the valuations of some tech highfliers.
The Dow Jones Industrial Average finished up 131 points, or 0.48%, to 27,665, and the S&P 500 edged up 0.05% to 3,340.
The Nasdaq, the trading home to many tech giants, fell 0.6% to 10,853. The tech-heavy index tumbled 1.99% on Thursday.
“Big tech stocks might have seemed like safe havens, but they have found themselves at the center of a brutal selloff,” said Stephen Innes, chief global market strategist at AxiCorp.
Tesla (TSLA) - Get Report finished up 0.4% to $372.72 on Friday. Analysts at UBS doubled their one-year price target to $325 from $160 on expectations of sales-margin improvement and market-buzzing news at the electric-car maker’s upcoming Battery Day event.
The stock, however, turned lower Friday and finished down 4.23% to $84.04.
Kroger (KR) - Get Report, the nation’s biggest grocer, posted stronger-than-expected second-quarter earnings as a surge in online food sales during the peak of the coronavirus pandemic boosted its bottom line. Kroger shares slipped 1.1% to $34.37.
Consumer prices in the U.S. rose for a third month in August, up 0.4% and higher than consensus forecasts, following July's increase of 0.6%.
Core CPI, which excludes food and energy costs, rose 0.4% and topped forecasts of 0.2%.
The year-over-year core inflation rate of 1.7% was higher than July's 1.6%.