Dow Jones Industrial Average ends six-week win streak after falling 300 points on Friday

• The Dow Jones shed seven-tenths of a percent on Friday.
• A tech stock rally left the Dow in the dust as the blue-chip index waffles.
• Despite holding on the high end, the Dow Jones found its first down week since August.

The Dow Jones Industrial Average (DJIA) declined 300 points on Friday, easing back 0.7% as a broad tech rally left the Dow to fend for itself. The major index shed 2.7% over the week as key stocks ease back into the midrange following a bumper earnings season.

Stocks are struggling overall under the weight of marginally higher bond yields, which have taken a step up recently. Despite cooling off on Friday, with the 10-year Treasury yield easing back toward 4.2% after breaking north of 4.25% during the midweek market sessions, stocks are grappling with buoyed bond yields as the two markets tend to move in opposite directions.

Tesla (TSLA) has extended a rally after quarterly revenue came in higher than expected, helping to bolster a broad-market rally in the tech sector. Major digital darlings including Meta (META) and Netflix (NFLX) also rose on Friday, gaining more than 1% each.

Dow Jones news

Two-thirds of securities listed on the Dow Jones are testing into the low end on Friday, though a knock-on tech rally helped to bolster Intel (INTC) over 2.5% to $23 per share. The tech and AI bubble also found room for Salesforce (CRM), which rose 1.2% and crossed over $290 per share. On the low end, McDonald’s (MCD) shed nearly 3%, falling below $293 per share, with Goldman Sachs (GS) close behind, backsliding around 2.25% and easing below $513 per share. Both companies posted above-forecast revenue reporting recently, prompting an earnings season splurge, but markets are now pulling back their revenue bids.

Dow Jones price forecast

The Dow Jones spent most of the trading week grinding lower toward the 42,000 handle as the major stock index takes a break from 2024’s overall stellar performance. The equity board has snapped a six-week win streak, but is still firmly planted in bull country as markets take a breather and pull back from 43,000.

Oscillating technical indicators remain hopelessly broken as the Dow Jones sets record highs weekly more often than not. Price action has entirely outrun long-term moving averages, with bids testing chart paper well above the 200-day Exponential Moving Average (EMA), struggling to rise to 35,000.

Dow Jones daily chart