Stocks End Week Lower as Energy ETF Gains and Oil Futures Rise
DIA fell 1.24% and SPY 0.52% on Oct. 23 while XLE rose 2.61% and WTI futures gained 3.82%; T led large-cap decliners with a 7.96% drop.
U.S. stocks closed lower on Friday, Oct. 23, with energy the main exception. The Dow-tracking DIA fell 1.24% to 521.37 and SPY declined 0.52% to 759.97. The small-cap IWM slipped 0.33% to 275.75, while QQQ was nearly flat, easing 0.01% to 704.40.
Energy (XLE) led the eleven Select Sector SPDR ETFs with a 2.61% gain to 69.33, and WTI crude futures rose 3.82% to $103.27. Technology (XLK) added 0.49% and real estate (XLRE) 0.12%. The other eight sectors declined, led by consumer staples (XLP, -1.92%), communication services (XLC, -1.78%), consumer discretionary (XLY, -1.66%), financials (XLF, -1.32%) and industrials (XLI, -1.27%). Health care (XLV) fell 1.11%, materials (XLB) 0.74% and utilities (XLU) 0.72%.
Energy majors topped the large-cap gainers among companies valued at $10 billion or more: CVX rose 2.88% to 233.21 and XOM gained 2.79% to 183.21. ISRG added 1.90% to 452.29, TXN rose 1.86% to 284.69 and QCOM gained 1.78% to 175.91.
T fell 7.96% to 20.93, the largest decline among large caps. AXP dropped 3.67% to 313.22 on the day it reported results above EPS estimates. ACN lost 3.62% to 249.37, UBER fell 3.43% to 66.70 and BKNG declined 3.27% to 155.83.
A WSJ headline described stocks as "pulled in two directions" and falling to end a volatile week, and another WSJ headline said the stock selloff continued as oil surged. Reuters reported that trading was quieter among AI shares after the previous day's slump.
Data
| Instrument | Close | Change |
|---|---|---|
| SPY | 759.97 | -0.52% |
| QQQ | 704.40 | -0.01% |
| DIA | 521.37 | -1.24% |
| IWM | 275.75 | -0.33% |
| XLE | 69.33 | +2.61% |
| XLP | 88.26 | -1.92% |
| CVX | 233.21 | +2.88% |
| T | 20.93 | -7.96% |
Data: FMP, FRED. Figures are close-to-close unless stated.
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Neutral market summary for information only; not investment advice.
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