Closing Bell: Stocks Higher Friday, Lower for Week with Oil Near $100

Month seven of the U.S.-Iran war brought markets to the 25^th anniversary of 9/11 with a familiar refrain: oil prices are higher. 

While the major indexes were down for the week, they rallied smartly Friday, reversing selling pressure and four days of losses.  

The S&P 500 SPX rose 0.86% Friday, and the Dow Jones Industrial Average ($DJI) was up 0.98%. The Nasdaq-100 (NDX) was up 0.91%, and the small-cap Russell 2000 (RUT) rose 0.45%. The price of oil was down 2% Friday, offering some consolation, even though the price crossed over the $100-per-barrel threshold. See $105 a Critical Crude Oil Level, U.S.-Iran War Shows 'Demand Destruction' Risk 

The big news Friday was the Consumer Price Index (CPI), which was in line with expectations at a 0.4% gain month over month and 3.4% year over year. But the core figure excluding food and energy was 0.3% month over month, slightly hotter than the 0.2% expected, while the 2.4% year-over year figure ex- food and energy was in line with expectations. This kind of inflation may make the Federal Reserve’s monetary path more difficult and sent the expectation probability for a rate hike at next week’s Fed meeting to 86.5% by the end of the day, according to the CME FedWatch tool. U.S. Treasury yields ticked higher Friday. 

A few things to note from Friday’s market action: 

Oracle (ORCL) shares slipped 1.4% Friday. BMO Capital Markets lowered its price target on the stock to $195 from $220 while keeping an Outperform rating after the company's quarterly results. See Johnson: 'I Just Don't Get' why ORCL is Down After Earnings  

Salesforce (CRM) shares rose 1.94% Friday. It said it is updating its Agentforce platform, introducing a family of "job-ready agents." See "Claudeforce" Gives CRM New Earnings Opportunity While Maintaining Moat  

Closing out the day, some great thoughts on witnessing the Twin Towers up close and giving back, and connecting that to the market today, from Kenny Polcari: on 9/11, Working with Veterans & Friday's Market Moves. 

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