Stocks wind up mixed on Wall Street after spending most of the day in the red

NEW YORK (AP) — Stocks wavered to a mixed finish on Wall Street Friday and notched their first weekly loss in the last four.

Major indexes wobbled throughout most of the week, but ultimately pulled back from records set the prior week. Technology stocks once again determined the broader direction of the market.

The S&P 500 spent most of the day in the red and was down as much as 1.3%. It ultimately eked out a gain, rising 8.48 points, or 0.1%, to close at 6,728.80. The Dow Jones Industrial Average made a similar reversal and rose 74.80 points, or 0.2%, to close at 46,987.10.

The technology-heavy Nasdaq was down as much as 2.1% at one point during trading, but recovered most of the losses. It fell 49.46 points, or 0.2% to 23,004.54.

The market was weighed down by technology stocks, especially several big names with huge valuations that give them outsized influence over the direction of the market. Google's parent company, Alphabet, fell 2.1% and Broadcom fell 1.7%.

Wall Street remained focused on the latest quarterly reports and forecasts from U.S. companies.

Payments company Block, which operates the Square and Cash App businesses, sank 7.7% after turning in results that fell short of forecasts. Exercise equipment maker Peloton jumped 14.2% after its results beat estimates.

Expedia Group surged 17.5% after beating analysts' quarterly earnings forecasts.

More than 90% of companies within the S&P 500 have reported earnings for their latest quarter. Most companies have reported growth beyond Wall Street expectations and the influential tech sector has the strongest growth, according to data from FactSet.

Corporate profits and forecasts were already being scrutinized by Wall Street as investors try to gauge whether the market's overall high value is justified. The results have taken on more significance amid a lack of other data about the economy because of the U.S. government shutdown, which is now the longest on record.

The shutdown is now responsible for yet another missing economic report typically relied on by Wall Street and economists. The monthly employment data for October was unavailable, as was the monthly data for September previously. The lack of data on employment is especially troubling because the job market was already weakening.

Wall Street still has several private sources of economic data to turn to, outside of earnings. The latest came Friday from the University of Michigan, with its monthly consumer sentiment report. The latest report showed that consumer sentiment fell sharply from a month ago and hit a three-year low. Economists had expected a slight increase.

“Consumers are starting to get concerned about the potential effects of the government’s shutdown on economic activity," Eugenio Aleman, chief economist for Raymond James, wrote in a note to investors.

The survey also showed that inflation expectations edged slightly higher. Government data on consumer prices and other measures of inflation are among the information Wall Street and others lack because of the government shutdown. Inflation has been stubbornly high and remains a key concern, especially amid a volatile U.S. trade war that could add fuel to rising inflation.

The lack of inflation and employment data is a problem for the Federal Reserve, which has signaled a more cautious approach on interest rate cuts moving forward. Wall Street's big gains this year have been partly due to anticipation for interest rate cuts, which can help stimulate the economy by making loans less expensive.

The Fed has already cut its benchmark rate twice this year as it tries to counter the impact that a weakening employment market could have on economic growth. Cutting rates could worsen inflation at a time when levels are stubbornly higher than the central bank's 2% goal, however.

Wall Street is still mostly betting that the Fed will cut interest rates at its December meeting. Investors are forecasting a 67% chance of another interest rate cut, according to CME FedWatch.

Treasury yields held steady in the bond market. The yield on the 10-year Treasury remained at 4.09% from late Thursday. The yield on the two-year Treasury held at 3.56% from late Thursday.

Markets in Europe fell and markets in Asia closed lower. China reported that its exports contracted 1.1% in October, as shipments to the United States dropped by 25% from a year earlier. But economists expect Chinese exports to recover after U.S. President Donald Trump and Chinese leader Xi Jinping agreed last week to de-escalate the trade war between the two largest economies.

AP Business Writer Elaine Kurtenbach contributed to this report.

Specialist Meric Greenbaum works on the floor of the New York Stock Exchange, Thursday, Nov. 6, 2025. (AP Photo/Richard Drew)

A dealer walks past near the screens showing the Korea Composite Stock Price Index (KOSPI), left, and the foreign exchange rate between U.S. dollar and South Korean won at a dealing room of Hana Bank in Seoul, South Korea, Friday, Nov. 7, 2025. (AP Photo/Lee Jin-man)

A dealer watches computer monitors at a dealing room of Hana Bank in Seoul, South Korea, Friday, Nov. 7, 2025. (AP Photo/Lee Jin-man)

A dealer walks past near the screen showing the foreign exchange rate between U.S. dollar and South Korean won at a dealing room of Hana Bank in Seoul, South Korea, Friday, Nov. 7, 2025. (AP Photo/Lee Jin-man)

Trader Aman Patel works on the floor of the New York Stock Exchange, Thursday, Nov. 6, 2025. (AP Photo/Richard Drew)

A dealer watches computer monitors at a dealing room of Hana Bank in Seoul, South Korea, Friday, Nov. 7, 2025. (AP Photo/Lee Jin-man)

U.S. President Donald Trump said the military could end its Iran offensive in two to three weeks and will shift responsibility for the Strait of Hormuz to countries that rely on it for oil and shipping as the White House announced a prime-time presidential address Wednesday evening on the war.

Trump expressed frustration Tuesday with allies who have been unwilling to do more to support the U.S. war effort, telling them to “go get your own oil.” Trump recently has vacillated between insisting there is progress in diplomatic talks with Iran and threatening to widen the war.

He said the U.S. “will not have anything to do with” what happens next in the vital waterway that has been closed by the Islamic Republic. Instead, he told reporters, the responsibility for keeping the strait open will rest with countries that rely on it. Gulf states rely on the waterway for both exports and imports, including food, and 20 percent of the world's oil supply flows through it.

U.S. gas prices jumped past an average of $4 a gallon for the first time since 2022 on Tuesday, as the Iran war continues to push fuel prices higher worldwide. Analysts say those high fuel costs will trickle into groceries as businesses’ transportation and packaging costs pile up.

Here is the latest:

Iran’s foreign minister has acknowledged receiving direct messages from U.S. Mideast envoy Steve Witkoff.

The comments by Abbas Araghchi came in an interview with pan-Arab broadcaster Al Jazeera aired late Tuesday. He insisted that the messages didn’t constitute negotiations.

U.S. President Donald Trump has repeatedly described Iran and America has having talks over the war, while Pakistan has been a key intermediary along with Egypt and Turkey during the conflict.

“I receive messages from Witkoff directly, as before, and this does not mean that we are in negotiations,” he said.

He added: “We do not have any faith that negotiations with the U.S. will yield any results. The trust level is at zero.”

Asked about a possible ground offensive by the U.S., Araghchi said “we are waiting for them.”

“We know very well how to defend ourselves,” Araghchi reportedly told the Qatar-based broadcaster. “In a ground war, we can do it even better. We are completely ready to confront any sort of ground attack. We hope they do not make such a mistake.”

Lebanon’s Health Ministry said in a preliminary count early Wednesday 21 people were also wounded in the strike in Jnah.

The strike came without warning, and Israel did not declare the target. When it does, it often says it is targeting operatives from the Hezbollah militant group.

Emergency workers rushed to the scene to search for victims.

Israel’s military warned the public Wednesday a missile was incoming from Yemen, yet another attack from the country’s Houthi rebels who have just entered the war on Iran’s side.

Air raid sirens went off in southern Israel, from Beersheba to the Mediterranean coast.

The warning, just around dawn, broke a long lull, more than 19 hours since the last time Israel’s military warned of an incoming missile launch from Iran, and more than six hours from the last alarms in the northern part of Israel, which in past days received near-constant fire from Hezbollah in Lebanon.

A drone attack by Iran and its allies hit a fuel tank at Kuwait International Airport, sparking a fire, authorities said.

The state-run KUNA news agency said the attack early Wednesday sparked a “large fire” at the airport.

It said there were no immediate injuries from the attack and firefighters were working to control the blaze.

Kuwait International Airport has been attacked before by Iran during the war. The KUNA report suggested the attack may have been launched by Iranian-supported militias in Iraq with Tehran’s support.

In another strike, Bahrain said early on Wednesday morning that it was working to extinguish a fire at a business facility that resulted from an Iranian attack.

Israel said early Wednesday it struck a plant supplying Iran’s theocracy with fentanyl, a powerful synthetic opioid, to allegedly use in a chemical weapons program. Iran acknowledged the strike on Tofigh Daru factory, but insisted it only supplied “hospital drugs” used in medical operations.

The strike happened Tuesday, both the Israelis and the Iranians said.

Iranian Foreign Minister Abbas Araghchi posted a picture of the factory in Tehran, writing on X: “The war criminals in Israel are now openly and unashamedly bombing pharmaceutical companies.”

Hospitals extensively use fentanyl to treat severe pain. But a small amount of the drug can be fatal.

Both Israel and the United States have warned in recent years Iran was experimenting with fentanyl in munitions. The U.S. previously pointed to Iranian academic research studying how Russia likely used a fentanyl derivative during the 2002 Moscow theater hostage seizure by Chechen militants.

Israel alleged Tofigh Daru supplied fentanyl to an advanced research institute in Tehran, known by its acronym SPND. The U.S alleges SPND has conducted research and testing that could be applicable to the development of nuclear explosive devices and other weapons.

The United Arab Emirates has barred Iranians from entering or transiting the country as the war rages, three major airlines said Wednesday.

Long-haul carriers Emirates and Etihad, as well as the lower-cost airline FlyDubai, made the announcements on their websites.

Entry rules can sometimes be opaque in the autocratic United Arab Emirates, a federation of seven sheikhdoms, the three airlines agreed on the order. It said holders of 10-year Golden Visa residency permits could still enter the country.

Authorities have offered no official comment. But Dubai has already shut down the city-state’s Iranian Hospital and Iranian Club, institutions that date back to the time of the shah.

Residents and Israeli security forces inspect a site struck by an Iranian missile in Petah Tikva, Israel, Tuesday, March 31, 2026. (AP Photo/Ohad Zwigenberg)

A man inspect the wreckage of an Iranian missile that landed near the West Bank village of Marda, Tuesday, March 31, 2026. (AP Photo/Majdi Mohammed)

Smoke rises after an Israeli airstrike hits a building near the airport road in Beirut, Lebanon, Tuesday, March 31, 2026. (AP Photo/Hussein Malla)

A family who fled Israeli shelling in southern Lebanon warm themselves by a bonfire next to tents used as shelters in Beirut, Lebanon, Tuesday, March 31, 2026. (AP Photo/Emilio Morenatti)