Stocks waver on Wall Street, still on track for weekly gains

The S&P 500 rose 0.1% as of 10:12 a.m. Eastern. The Dow Jones Industrial Average rose 155 points, or 0.5%, to 34,351 and the Nasdaq fell 0.3%.

More than half of the stocks within the benchmark S&P 500 index gained ground, but losses by some big technology companies weighed down the broader market. The high valuations for companies in the technology sector tend to give them more heft in pushing the market higher or lower.

Every major index is headed for a weekly gain in what has been a bumpy but short week. Markets were closed on Thursday for the Thanksgiving holiday and they will close at 1 p.m. Eastern Friday.

Markets in Asia and Europe were mixed and crude oil prices were relatively steady.

Long-term bond yields edged higher. The yield on the 10-year Treasury, which influences mortgage rates, rose to 3.73% from 3.69% late Wednesday.

Investors face a relatively quiet day, though concerns about inflation, high interest rates and a potential recession still hover over Wall Street.

The biggest concern for investors has been whether the Federal Reserve can tame the hottest inflation in decades by raising interest rates without going too far and causing a recession. The central bank’s benchmark rate currently stands at 3.75% to 4%, up from close to zero in March. It has warned that it may have to ultimately raise rates to previously unanticipated levels to rein in high prices on everything from food to clothing.

Minutes from the Fed’s latest policy meeting, released on Wednesday, show that officials agreed that smaller rate hikes would likely be appropriate “soon.” That was welcomed by investors who are worried that the aggressive rate hikes could eventually slow the already weak economy by too much.

Investors also have their eyes on China’s lockdowns and restrictions to curb the spread of coronavirus infections, as the direction China takes will impact the rest of Asia and global supply chains.

China has been expanding pandemic lockdowns, including in a city where factory workers making Apple’s iPhone clashed with police this week, as its number of COVID-19 cases hit a daily record.

Yuri Kageyama contributed to this report.