Major Indexes Log Daily Wins, Weekly Losses

Despite trading deep into the red this afternoon, the Dow erased earlier losses to kick off the month of October with a 482-point lead. Contributing to the blue-chip benchmark's surge was a well-received update from Merck (MRK), which announced its oral antiviral drug reduced Covid-19 deaths or hospitalizations by 50% in moderate and mild cases. Stocks tied to a reopening of the economy popped in response, while vaccine stocks tumbled. Nonetheless, the Dow still logged a loss for the week. Both the S&P 500 and Nasdaq also edged higher, as the 10-year U.S. Treasury yield slipped below 1.50%. However, both indexes logged notable weekly losses.

The Dow Jones Average (DJI - 34,326.46) added 482.5 points, or 1.4% for the day, but fell 1.4% for the week. Merck (MRK) paced the gainers with an 8.4% pop, while Walmart (WMT) fell to the bottom, shedding 1.7%.

The S&P 500 Index (SPX - 4,357.04) rose 49.5 points, or 1.2%, for the day, but shed 2.3% for the week. Meanwhile, the Nasdaq Composite (IXIC - 14,566.70) jumped 118.1 points, or 0.8% for the day. It lost 3.3% for the week.

Lastly, the Cboe Volatility Index (VIX - 21.15) fell 2 points, or 8.6% for the day, but added 19.2% for the week.

GOLD NABS DAILY, WEEKLY WIN AMID HIGH U.S. INFLATION 

Oil prices were higher on Friday, erasing earlier losses as traders eyed the Organization of the Petroleum Exporting Countries and their allies (OPEC+) meeting on Monday. The group is expected to decide on crude production levels, with analysts expecting to see producers continuing gradual increases in output. In response, November-dated crude rose 85 cents, or 1.1%, to settle at $75.88 a barrel, For the week, the commodity rose 2.6%.

Gold prices also edged higher today, culminating in a modest weekly win of 0.4%. Boosting the yellow metal was news that the costs of goods and services jumped in September, leaving the rate of U.S. inflation at a 30-year high, as price pressures look like they may extend into 2022. In turn, December-dated gold rose $1.40, or 0.1%, to settle at $1,758.40 an ounce for the day.