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Stock market today: Wall Street is off to a mixed start; Big Tech climbs

Stocks were mixed in morning trading on Wall Street Friday and are on track to close out a relatively quiet week with gains.
This Oct. 18, 2008 file photo shows the Charging Bull sculpture in New York City’s Financial District. The S&P 500 is now in what Wall Street refers to as a bull market, meaning the index has risen 20% or more from its most recent low. (AP Photo/Mary Altaffer, File)

Stocks were mixed in morning trading on Wall Street Friday and are on track to close out a relatively quiet week with gains.

The S&P 500 rose 0.5% and is headed for a fourth straight week of gains. The index is roughly split between gainers and losers, but gains for big technology companies are helping to keep it in the green.

The Dow Jones Industrial Average rose 88 points, or 0.3%, to 33,925 as of 10:07 a.m. Eastern. The tech-heavy Nasdaq rose 1%.

European markets were lower and Asian markets closed higher overnight.

Trading has been listless throughout the week amid a lack of any big market-moving reports or news. The benchmark S&P index still gained enough ground by Thursday to close 20% above its October low, entering a new bull market.

Technology stocks, which have been responsible for much of Wall Street’s gains, helped lead the way on Friday. Microsoft rose 1.4% and chipmaker Nvidia rose 2.3%. The S&P 500 gives more weight to many Big Tech companies because of their size.

General Motors rose 3.8% and Tesla rose 5.9% after announcing a deal for electric vehicle charging. Electric vehicles made by General Motors will be able to use much of Tesla’s extensive charging network beginning early next year.

The latest round of corporate earnings is nearing a close, but late reports are still managing to move some stocks. Ski resort operator Vail Resorts fell 6.9% after reporting disappointing results. DocuSign rose 1.8% after reporting strong earnings.

Wall Street will have more potentially market-moving economic updates to deal with next week. The government will release May data for inflation at the consumer level on Tuesday and retail sales data on Thursday. On Wednesday, the Federal Reserve will announce its latest update on interest rates.

AP Business Writer Yuri Kageyama contributed.

Damian J. Troise, The Associated Press

A person looks at an electronic stock board showing Japan’s Nikkei 225 index at a securities firm in Tokyo, on May 12, 2023. Asian shares mostly rose Friday, June 9, 2023, led by a jump on the Tokyo Stock Exchange where share prices got a boost of optimism from a new bull market on Wall Street. (AP Photo/Eugene Hoshiko, File)