Dow falls Friday and posts worst week since March as Treasury yields rise: Live updates

The Dow Jones Industrial Average ended Friday’s session in the red.

The blue-chip index shed 95.40 points, or 0.18%, to finish at 51,682.64. On the other hand, the S&P 500 and Nasdaq Composite rose 0.17% and 0.39% to 7,650.50 and 26,522.55, respectively.

— Sean Conlon

Financial stocks are lagging the broader market this week.

The SPDR Financials Sector Fund (XLF) has dropped more than 2% this week, on pace for its biggest weekly loss since March. The fund is on a four-day losing streak.

XLF, 5-day

Goldman Sachs and Bank of America led the group lower, with both banks dropping around 8% this week. Both stocks are poised to record their largest weekly slides going back to April 2025.

But Coinbase and FactSet helped mitigate losses for the fund this week, with the stocks climbing more than 11% and 9%, respectively.

— Alex Harring and Nick Wells

The Department of Justice is considering joining a lawsuit led by Texas and 12 other Republican states attorneys general against BlackRock and State Street, according to a Bloomberg report.

Citing people familiar with the matter, Bloomberg said officials at the justice department have been weighing joining the suit in recent weeks, though no final decision has been made. The states are alleging that BlackRock and State Street used their market power to pressure coal producers to reduce their output for the sake of climate-related goals, leading electricity prices to rise.

Shares of BlackRock fell after the report but recovered and continued rising more than 1% on Friday. State Street hit a session low following the report, but rebounded slightly from those levels.

— Davis Giangiulio

• Amgen is the best performing stock in the Dow Jones Industrial Average, while IBM is the worst performing stock.
• Coinbase is the best performing stock, and Strategy is the best performing stock in the Nasdaq 100.
• Nucor the worst performing stock in the S&P 500.
• Rocket Lab is the worst performing stock in the Nasdaq 100, falling in reaction to SpaceX’s announcement that it would push back the expected date for its Starship launch.
• Three of the 11 S&P 500 sectors are higher today: tech, financials and industrials. Utilities and materials are lagging, however.
• Week-to-date, the Dow and S&P 500 are lower. The Dow is on track for its third straight negative week and its worst week since March 20. The S&P 500 is on track for back-to-back negative weeks. Meanwhile, the Nasdaq Composite is higher week-to-date.
• Three of the 11 S&P sectors are higher so far this week, with healthcare leading. Utilities is lagging so far this week.
• Month-to-date, the Dow and S&P 500 are lower. The Dow is on track for its first negative month in six. Meanwhile, the Nasdaq is higher month-to-date, on track for back-to-back positive months.
• Three of the 11 S&P sectors are higher so far in September, with communication services leading. Materials is lagging so far in September.
• Quarter-to-date, the Dow is lower. Meanwhile, the S&P 500 and Nasdaq are higher quarter-to-date, on track for back-to-back quarterly gains.
• Five of the 11 S&P sectors are higher so far in Q3, with energy leading. Utilities is lagging so far in Q3.
• Year-to-date, the Dow, S&P 500 and Nasdaq are higher, on track for their fourth straight annual gain. This would be the Dow’s longest annual win streak since 2014, the S&P 500’s longest since 2007, and the Nasdaq’s longest since 2017.
• Nine of the 11 S&P sectors are higher so far in 2026, with energy leading. Consumer discretionary is lagging so far in 2026.

— Brianna Bernath

Bears are taking control of the stock market as oil prices jump and Treasury yields climb.

About 53% of individual investors were bearish on the six-month outlook for stocks, according to the latest edition of the closely followed weekly survey by theAmerican Association of Individual Investors,up about 14 percentage points from a week ago and the highest level of pessimism since May of last year.

A little less than 29% described themselves as bullish, the fewest in about a year, AAII reported. The share of bullish investors fell by about 10 percentage points in one week.

“When it gets really extreme in one direction, it’s worth taking note,” Peter Boockvar, investment chief at One Point BFG Wealth Partners, said in a note to clients. “That was this case this week.”

CNBC Pro subscribers can read more here.

— Alex Harring

Here are some of the companies making headlines in midday trading:

• SpaceX– Elon Musk’s rocket manufacturer slid 2% a day after announcing it would pushback the expected datefor its Starship launch to Sept. 28. Earlier this week, the company said it was aiming for Sept. 22. PeersRocket LabandIntuitive Machineseach tumbled more than 5%.
• Chip stocks – Shares of chip companies rose on Friday, with theVanEck Semiconductor ETF (SMH)up about 0.6%, heading for a fourth winning day.Applied Materialsrose 4%,Lam Researchadvanced 5%, andBroadcomjumped more than 2%. Memory chip plays also gained, asSandiskclimbed 7% andSeagate Technologyrose 4%.
• Steel Dynamics,Nucor— Shares of both steel producers fell after they delivered third-quarter earnings guidance that showed weaker-than-expected results compared with analysts polled by FactSet’s consensus estimates. Nucor said earnings in the steel mills and steel products segments earnings will increase, while they’re expected to decrease in the raw materials segment. Steel Dynamics was down more than 4%, while Nucor last traded 6% lower.

Read here for the full list.

— Davis Giangiulio

BTC in 2026

Wall Street firm Guggenheim raised its price target on Eli Lilly to $1,284 from $1,273 while maintaining a buy-rating on the stock in a Thursday note to clients.

The firm increased sales estimates for the biopharmaceutical’s weight loss prescriptions, Mounjaro and Zepbound for the upcoming fiscal year.

It’s also upbeat on the trajectory for about the company’s newer GLP-1 pill Foundayo.

Guggenheim’s 2026 revenue estimates of $89.2 billion, above Lilly’s guidance of $85 billion to $87 billion as well as above the Street’s consensus of $88 billion.

— Paulina Likos

The 10-year Treasury note yield rose back above the 5% level on Friday.

The yield increased more than 5 basis points to trade at 5.004%. Meanwhile, the 30-year yield was up more than 3 basis points at 5.333%.

— Sean Conlon

The yield on the 10-year Treasury note yield climbed back toward 5% on Friday morning.

The yield was last up more than 4 basis points to 4.996%. It had previously moved back above the key level after Wednesday’s Federal Reserve interest rate decision before falling Thursday.

US10Y, 1-day

The S&P 500 began Friday’s session little changed.

The broad market index moved up 0.1% just after the opening bell, while the Nasdaq Composite gained 0.4%. The Dow Jones Industrial Average lost 57 points, or 0.1%.

— Sean Conlon

The resignation of famed investor Warren Buffett as chairman of Berkshire Hathaway could weigh on the conglomerate’s share price, Meyer Shields at Keefe, Bruyette & Woods said in a Friday note to clients.

“We expect some pressure on BRK/A’s shares today following this morning’s announcement that Warren Buffett is stepping down from his role as Chairman (while staying on the board of directors), replaced – as long communicated – by his son Howard Buffett,” Shields wrote.

Buffett has led Omaha, Nebraska-based Berkshire since 1965, achieving a 19.7% compounded annual return, which is roughly double the return of the S&P 500, during his tenure.

Berkshire shares were marginally lower in premarket trading on Friday.

— Tobias Burns

Check out the companies making the biggest moves premarket:

• Steel Dynamics, Nucor — Shares of both steel producers fell more than 1.5% after they delivered third-quarter earnings guidance that showed weaker-than-expected results compared to analysts polled by FactSet’s consensus estimates. Nucor said earnings in the steel mills and steel products segments earnings will increase, while they’re expected to decrease in the raw materials segment.
• Netflix — The streamer declined more than 3% after Wells Fargo downgraded the stock to underweight. Analysts at the bank said that worrying engagement trends and weaker content expected to be released in the second half of 2026 will lead to lower margin expansion in 2027 and 2028.
• Cryptocurrency stocks — Shares of crypto-exposed companies rose in premarket trading after bitcoin prices crossed $78,000 again, rising 2%. Trading platforms Robinhood and Coinbase rose 2.5% and 1%, respectively, while crypto treasury company Strategy jumped 3%.

Read the full list here.

— Davis Giangiulio

Appleis poised to continue rallying on its next wave of iPhone launches, according to Evercore ISI.

The investment firm has an outperform on the smartphone maker. It raised its price target to $380 from $365, suggesting nearly 13% upside from Thursday’s close.

“We believe [this] will be a better-than-expected iPhone refresh cycle, led by the latest launches,” analyst Amit Daryanani said Friday in a note to clients. “We see not just room for units to do well, but critically we think pricing could be >20% driven by a combination of [average selling price] increases, higher-priced [stock keeping units], and a shift up in memory configurations.”

CNBC Pro subscribers can read more here.

— Liz Napolitano

Warren Buffett announced Friday he is stepping down as chairman of Berkshire Hathaway.

The 96-year-old legendary investor will become chairman emeritus, effective immediately, while remaining a director on the board, the company said in a separate announcement. His son, Howard, will replace him as chairman.

“Father Time always wins,” wrote Buffett. “He has, however, been generous with me. He has given me the opportunity to see Berkshire reach a point where I am more confident than ever about what lies ahead.”

Read the full story here.

— John Melloy

Speaking to Irish radio station RTE on Friday, European Central Bank President Christine Lagarde said the outlook for monetary policy in the euro zone remains uncertain.

Asked whether more interest rates were on the horizon, Lagarde said it “will depend on the future.”

“We live through such uncertain times that we have decided to assess the situation, look at the three things: the inflation outlook, the underlying inflation, and the transmission of our monetary policy into the economy,” she said.

“The only thing we are absolutely confident about is the goal, we have to bring inflation to 2%,” Lagarde added. “We will decide meeting by meeting what is appropriate, whether we should hold, whether we should hike, whether we should cut — that’s very unlikely at the moment — but that’s how we proceed.”

— Chloe Taylor

European Central Bank chief Christine Lagarde confirmed Friday that she will leave the institution next year.

“I’ll leave in ’27,” she said in an interview with Ireland’s RTE Radio on Friday morning, without giving details on the exact timeframe for her departure. Her current term at the helm of the ECB ends in October 2027.

“What I can tell you at this point is that whatever the time it’ll be handled in the most professional way, as it should be,” Lagarde told RTE.

— Chloe Taylor

Treasury yields were mixed on Friday morning, as investors continued to look for clues on the trajectory of monetary policy.

The yield on the benchmark 10-year Treasury was flat at 4.951% as of 4:45 a.m. ET. Yields on the 2-year Treasury note were up almost 2 basis points to 4.707%, while 30-year Treasury yields fell 1 basis point to trade at 5.286%.

One basis point is equal to 0.01%, and yields and prices move in opposite directions.

—Chloe Taylor

Japan’sNikkei 225closed 1.38% higher at 65,018.95, while South Korea’s Kospi rose 2.66% to 6,894.23.

Hong Kong’sHang Seng indexgained 0.59% in the last hour of trade on Friday, while mainland China’s CSI 300 closed 1.06% higher at 4,507.39.

Australia’s benchmark S&P/ASX 200 was flat at 8,731.20.

— Justina Lee

Europe-listed shares were broadly lower on Friday morning, pulling back from a two-day winning streak.

By 8:30 a.m. in London (3:30 a.m. ET), the regional Stoxx 600 index was 0.2% lower, with most sectors in negative territory. The French CAC 40 led losses among major bourses, falling 0.5% in early trading.

— Chloe Taylor

Oil prices fell on Friday as investorsweighed fresh strikesbetween Saudi Arabia and Yemen’s Iran-backed Houthis against signs that additional Saudi crude could reach global markets and help ease supply concerns.

Brentcrude futures, the international benchmark, were down 0.94% to $103.83 per barrel. U.S.West Texas Intermediatefutures were down 0.88% to $101.01 per barrel.

Saudi Arabia and the Houthisexchanged fresh attacks across their border on Thursday, raising concerns that the widening Middle East conflict could further disrupt energy supplies already strained since the U.S. and Israel attacked Iran in February.

— Lee Ying Shan

The Bank of Japan has raised its policy rate by 25 basis points to 1.25%, the highest level since 1995.

The move also marked a quickening in the BOJ’s rate hike cycle since it started monetary policy normalization in March 2024, with the rise taking place three months from the BOJ’s last hike, as compared to six months previously.

The decision was split 7-2, with board membersToichiro Asada and Ayano Satodissenting from the hike. The duo are seen as reflationists and were appointed by Prime Minister Sanae Takaichi earlier this year.

The rise in rate hikes was widely expected, withalmost 90% of economists surveyed by CNBCexpecting the 25 basis points tightening. Those surveyed also correctly predicted the dissenters to the decision.

In its statement, the BOJ said the move was because of arisk that inflation it will deviate upward to beyond its 2% target.

The hike comes amid rising inflation in the country and a historically weak yen, with the latest inflation headline rate for August at 1.9% and Tokyo and Washington conducting a coordinated intervention to prop up the yen.

— Lim Hui Jie

Mainland China and Hong Kong shares opened higher amid broad gains in Asian markets.

Hong Kong’sHang Seng indexrose 0.65%, while mainland China’s CSI 300 added 0.58%

The gains in Hang Seng were led by basic materials and industrials sectors, up 1.84% and 0.72%, respectively.

— Justina Lee

Inflation in Japan held steady at 1.9% in August, ahead of a widely anticipated Bank of Japan policy rate decision today.

Core inflation — which strips out prices of fresh food and energy — softened slightly to 1.7% from 1.8%, marginally missing expectations of 1.8% from economists polled by Reuters.

The so called “core-core” inflation rate, which strips out prices of both fresh food and energy and is monitored by the BOJ, also stood unchanged at 1.9%.

The BOJ is widely expected to raise it policy rate by 25 basis points to 1.25% today, its highest since 1995.

— Lim Hui Jie

Asia-Pacific markets traded higher early Friday.

Japan’sNikkei 225added over 1% while the broader Topix was flat.

South Korea’s Kospi advanced 2.31%, while the small-cap Kosdaq gained 0.89%.

Australia’s benchmark S&P/ASX 200 was 0.41% higher.

— Justina Lee

Asia-Pacific markets were set to open higher Friday, after U.S. stocks rose overnight on lower oil prices and a pullback in treasury yields.

Futures for Japan’sNikkei 225were trading at 64,880 in Chicago, while the Osaka contract last traded at 64,770, compared with the index’s previous close of 64,136.25.

Hong Kong’sHang Seng indexfutures were at 24,667, compared with the index’s last close of 24,604.29.

Futures for Australia’s S&P/ASX 200 last traded at 8,815, while the index closed at 8,732.40.

Concerns over energy supply disruptions eased after Saudi Arabia reportedly decided to make more crude cargoes available to Asian refiners via ship-to-ship transfers near the Sohar port in Oman. That sent oil lower Thursday.

— Justina Lee

As of Thursday’s close, here are where the major averages stand week to date.

• The Dow Jones Industrial Average was lower by 1.5%
• The S&P 500 was lower by 0.3%
• The Nasdaq Composite was higher by 0.3%

— Sarah Min

Stock futures opened little changed Thursday night.

Dow Jones Industrial Average futures rose by 19 points, or 0.04%. S&P 500 futures and Nasdaq-100 futures dipped 0.05% and 0.08%, respectively.

— Sarah Min