Stock market today: Dow logs 7-day losing streak as stocks wobble, yields jump before Fed meeting

• US stocks were mixed on Friday as investors prepare for the Fed's interest rate decision next week.
• Tech stocks, led by Broadcom, helped drive the Nasdaq higher despite rate pressures.
• Investors have a lot of economic data to digest next week, including US retail sales and revised 3rd-quarter GDP.

US stocks were mixed on Friday, with the Nasdaq 100 slightly higher, the S&P 500 about flat, and the Dow Jones Industrial Average moving lower to hit a seven-day losing streak.

For the week, the S&P 500 and Dow Jones moved slightly lower, while the Nasdaq 100 jumped nearly 1%.

Tech stocks led the market higher on Friday, partly driven by a blowout quarterly earnings report from Broadcom. The company's stock popped 24% to a $1 trillion valuation for the first time ever after it reported solid earnings results that included a bullish outlook for its AI business.

Stocks overall were under pressure this week amid a steady climb in interest rates. The 10-year US Treasury yield jumped about 25 basis points in the week as investors prepare for the Federal Reserve's FOMC meeting next week.

While the Fed is expected to cut interest rates by 25-basis points, some believe it could be a "hawkish cut" that ultimately leads to a pause in rate cuts beginning early next year.

"It might be a 'hawkish cut' with the FOMC's Statement and Summary of Economic Projections signaling a pause in rate cutting early next year," market veteran Ed Yardeni said in a note on Thursday.

Bank of America said in a Friday note that next week's rate cut is "fully priced" into the market and that due to the Fed's ongoing "data dependence," there are "risks for hawkish guidance, given signs of inflation stickiness."

The CME Fed Watch Tool is pricing in just two 25-basis point interest rate cuts next year, down from the previous three expected just a week ago.

On the inflation front this week, while the November CPI index came in at expectations, the producer price index was slightly hotter than expected.

Looking ahead to next week, investors will monitor various economic data points, including US retail sales, housing starts and building permits, and a second revision to third-quarter GDP.

Here's where US indexes stood at the 4:00 p.m. closing bell on Friday:

• S&P 500: 6,051.09, down 0.01%
• Dow Jones Industrial Average: 43,828.06, down 0.20% (-86.06 points)
• Nasdaq composite: 19,926.72, up 0.12$

Here's what else happened today.

• Here is a complete rundown of Wall Street's 2025 S&P 500 targets.
• The Waltons are once again the world's wealthiest family, beating out Gulf royalty and fashion dynasties.
• Why the last bears on Wall Street are worried about a stock market decline in 2025.
• These are the options China has to retaliate against America in the event of a trade war.
• Here's how much bitcoin BlackRock recommends you own in your portfolio.

In commodities, bonds, and crypto:

• West Texas Intermediate crude oil rose 1.66% to $71.18 a barrel. Brent crude, the international benchmark, was higher by 1.38% to $74.42 a barrel.
• Gold decreased 1.57% to $2,666.90 an ounce.
• The 10-year Treasury yield rose 6 basis points to 4.400%.
• Bitcoin rose 1.55% to $101,588.