Live Markets: Main US indexes lower, weekly results look mixed

Apple

Today 15:28

Dow falls >1%, S&P 500 modestly red, Nasdaq slips
October S&P Global Manufacturing PMI > estimate; Services PMI slightly below estimate
October UMich final sentiment 48 vs 46.3 estimate
Euro STOXX 600 index off ~0.6%
Dollar, bitcoin edge up; US crude rises ~3%; gold dips
US 10-year Treasury yield rises to ~4.99%
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MAIN US INDEXES LOWER, WEEKLY RESULTS LOOK MIXED
Wall Street's main indexes are trading lower early Friday, though the selling pressure is far from uniform. Investors remain cautious after Thursday's sharp AI-driven selloff, while telecom stocks are under heavy pressure on concerns that intensifying competition from SpaceX could chip away at market share.
Even so, the Nasdaq .IXIC and S&P 500 .SPX are only modestly lower, suggesting the broader tech retreat is not deepening for now. The Dow .DJI, however, is down more than 1%.
Most S&P 500 sectors are in the red. Industrials .SPLRCI are leading the decline with a drop of more than 2%, while energy .SPNY stands out on the upside, gaining nearly 2%. Energy is also on track to score a record closing high.
Beneath the surface, transports .DJT and gold/silver miners .XAU are among the notable laggards. Chip stocks, meanwhile, are rebounding after Thursday's sharp selloff, with the Philadelphia Semiconductor Index .SOX up roughly 0.6%.
Looking at the week as a whole, the Dow is tracking a slight gain, while the S&P 500 and Nasdaq remain on pace for modest weekly declines.
Small caps, however, are showing signs of life. The Russell 2000 is up about 1.2% for the week and, if that gain holds through Friday's close, would snap a six-week losing streak. The index's last six-week run of weekly declines ended in October 2018.
Another notable theme is improving market breadth. The S&P 500 Equal Weight Index .SPXEW is on track for its strongest month relative to the cap-weighted S&P 500 since April 2009, suggesting the market's advance is becoming less dependent on its largest companies.
Here is a snapshot of where markets stood around 10:17 a.m. ET.
(Terence Gabriel)
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EARLIER ON LIVE MARKETS:
AI DOUBTS DRIVE SHARPEST EUROPEAN DEFENSIVE ROTATION SINCE COVID CLICK HERE
AAII PESSIMISM CLIMBS AS INVESTORS TURN MORE CAUTIOUS CLICK HERE
GOLDMAN'S FIVE REASONS WHY EUROPEAN GAS PRICES WON'T REPEAT 2022 CLICK HERE
WHAT COULD CHANGE FOR CHINESE EQUITIES? CLICK HERE 
THE MOOD SOURS CLICK HERE
EUROPE BEFORE THE BELL: MIXED OPEN, STOCKS SET FOR WEEKLY DROP CLICK HERE
WAKE UP! THE LONG BOND'S UP TWO POINTS! CLICK HERE
     

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(Terence Gabriel is a Reuters market analyst. The views expressed are his own)