Stocks Head for Weekly Gains as Treasury Yields Hover Near 24-Year High

Wall Street was on track for weekly gains on Friday, with the S&P 500 and Nasdaq having hit record highs earlier in the week. At midday the Dow was up 0.63% near 51,555, the S&P 500 gained 0.48% to about 7,803 and the Nasdaq rose 0.54%.

Optimism ahead of third-quarter earnings and enthusiasm for the AI trade supported sentiment, and 10 of 11 S&P 500 sectors advanced. The Nasdaq was set for a fourth straight weekly gain.

High bond yields remain a risk. The 10-year Treasury yield held at 5.25%, close to the 24-year high of 5.364% reached Wednesday, a pressure point for rate-sensitive and highly leveraged stocks.