Closing Bell: Stocks End Mixed on Triple Witching Friday

U.S. stocks were mixed Friday as investors digested the Federal Reserve’s first rate increase in more than three years and the possibility of more hikes.

The S&P 500 (SPX) rose 0.17%, and Dow Jones Industrial Average ($DJI) fell 0.18%. The tech-heavy Nasdaq-100 (NDX) rose 0.67%. The Russell 2000 (RUT) dropped 0.50%, reflecting continued pressure on smaller, more rate-sensitive companies. The 10-year Treasury yield hovered near 5% amid continued volatility in energy markets. WTI crude settled near $100 per barrel Friday after reaching above $105 earlier in the week, as traders continued to assess geopolitical risks and potential supply disruptions. 

Traders were wary of volatility Friday, with roughly $7 trillion in derivatives set to expire during quarterly triple witching, according to Citadel Securities data quoted online.

Semiconductors staged a late-week recovery after being hit hard early in the week, with the PHLX Semiconductor Sector Index (SOX) gaining more than 1% Friday but remaining modestly lower from the previous Friday’s close. Software shares were generally weaker, while semiconductors provided support to the broader technology sector. Bitcoin futures pushed above 81,000 Friday, helping drive gains in several crypto-linked names.

Three things to watch from Friday’s market action:

Buffett Steps Down as Berkshire Chairman: Warren Buffett stepped down as Berkshire Hathaway (BRKB) chairman effective immediately Friday, with his son Howard Buffett elected chairman. Buffett remains chairman emeritus and a member of Berkshire’s board, marking another major step in the conglomerate’s leadership transition following Greg Abel’s move into the CEO role. Shares of Berkshire (BRK/A) were down 0.04%, while (BRK/B) shares were up 0.11%. See Warren Buffett Steps Down as BRK/B Chairman: What's Next for the Stock?

Apple Gets a Target Hike as Netflix Faces a Downgrade: Evercore ISI raised its Apple (AAPL) price target to $380 from $365 while maintaining an Outperform rating, citing expectations surrounding the next iPhone upgrade cycle. Wells Fargo moved the other direction on Netflix (NFLX), downgrading shares to Underweight from Equal Weight and cutting its price target to $57 from $80. Apple shares were down 0.26% Friday. Netflix stock fell 4.67%. See Example Trades: AAPL, DKS, ONON | Fast Market

S&P 500 Biggest Movers Show Diversity Across Sectors: On Friday, the biggest advancers in the S&P 500 were Coinbase Global (COIN) (+11.62%), SanDisk Corp. (SNDK) (+10.94%), Robinhood Markets (HOOD) (+9.28%), Coherent Corp. (COHR) (+7.24%), and Lam Research (LRCX) (+6.94%). The biggest SPX decliners were Nucor Corp. (NUE) (-6.28%), Qualcomm (QCOM) (-5.46%), Alexandria Real Estate Equities (ARE) (-5.40%), General Motors (GM) (-5.05%), and Bloom Energy (BE) (-4.97%). See Stock Market's Macro 'Tug of War' & Gauging SPX Resiliency

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