Stocks moved higher Friday morning as investors seemed looked past tough comments from Fed speakers. However, things have moved from green to red in later hours.
Both the S&P 500 and Nasdaq are lower on the week, while the DJIA is flat.
Boston Fed President Susan Collins said Friday morning that she was hopeful that the Fed will be able to slow inflation without doing too much damage to the labor market.
For economic data today, existing home sales fell 5.9% in Oct to an annual rate of 4.43M, a smaller drop than expected. It was a record 9th straight monthly decline and the lowest level since Dec 2011, when excluding the beginning of the pandemic. Prices still remain elevated, however, increasing 6.6% YoY.
Treasury yields are higher, with the 2-year T yield up 1.7 basis points to 4.47%, the 5-year T yield up 2.6 basis points to 3.96%, and the 10-year T yield up 1.7 basis points to 3.79%. Advance rates are flat or slightly higher throughout the curve today.