Stock market today: Dow closes higher but slips for week as rising yields bite

Investing.com — The Dow ended higher Friday, but that wasn’t enough to prevent a weekly loss as Treasury yields racked up gains for the week amid fears that the Fed may have to persist with higher for longer rates.

The rose 0.2%, 75 points, rose 0.1%, and the was up 0.14%.

Energy heads for winning week as oil prices rally

Energy stocks led the market higher, rising 1% as oil prices continued to be buoyed by recent supply cut extensions by Saudi Arabia and Russia.

The supply cuts will “ultimately see the drawdown in inventories accelerate into year end,” ANZ Research said in a recent note.

Phillips 66 (NYSE:), Marathon Oil Corporation (NYSE:), Valero Energy Corporation (NYSE:) were among the biggest gainers with the latter up more than 4%.

Apple shrugs off further iPhone crackdown in China, but ends week lower

Apple Inc (NASDAQ:) closed higher on the day, but ended the week 6% lower as worries about China-led demand weakness weighed ahead of the iPhone 15 launch next week. China reportedly expanded its ban of iPhones to local government workers and state-owned companies.

The move followed a day after reports also suggested that Beijing prohibited from central government employees from using foreign devices including iPhones amid national security concerns.

Some on Wall Street, however, have said that the China-led selloff in Apple was overblown.

”Any China government agency iPhone ban is way overblown,” Wedbush said in a note.” The China government agency makes up “less than 500,000 iPhones of roughly 45 million, “we expect to be sold in China over the next 12 months,” it added.

Kroger delivers beats earnings beat, takes big step to closing Albertsons merger

Kroger Company (NYSE:) reported second-quarter earnings that topped Wall Street estimates, but revenue missed expectations as grocery prices slowed.

Kroger also said it would pay more than $1 billion to settle opioid claims, and announced that it would sell 413 stores and other assets to C&S Wholesale Grocers in a $1.9 deal to satisfy antitrust concerns.

The merger remains on track to close in early next year.

DocuSign earnings beat offset by macro fears; Planet Labs falters on earnings stage

DocuSign Inc (NASDAQ:) reported quarterly results that topped estimates, but the company warned of macro pressures ahead that are likely to dent growth, sending its shares closed more than 3% lower.

“While we are pleased with our results, like many others, we’re seeing continued macro pressures tempering expansion rates,” chief executive Allan Thygesen said the earnings call that followed the results.

Planet Labs PBC (NYSE:), meanwhile, fell 11% after the satellite imaging company cutting its annual revenue guidance as reporting a wider than expected loss.

Growing fears of higher for longer rates push yields higher

Treasury yields ended the week higher, as investors digest economic data this week including upbeat U.S. services data pointing to signs of inflation that could force the Fed to hike again later this year after widely expected rate-hike skip later this month.

Dallas Federal Reserve Bank President Lorie Logan on Thursday teed up the idea of a September skip, but “there is work left to do.”

While the September skip is mostly priced in, with nearly 50% of traders expect the Fed to hike November, up from 35% last week.