Stocks finished lower on Friday. The Dow was off 201 points to 25,989 while the S&P 500 lost 25 points to 2,781. The Nasdaq Composite fell 123 points to 7,406.
U.S. equities declined as oil benchmarks capped their longest losing streak in over three decades. WTI crude finished 1.2% lower to $60.04/barrel, notching its tenth-straight daily decline amid rising global output. Attention will now shift to a meeting of OPEC nations and Russia over the weekend, which could lead to a production decrease.
Eight of 11 S&P 500 sectors finished in negative territory with only the defensive Consumer Staples, Real Estate, and Utilities stocks bucking the downtrend. Tech stocks led the losses with the group shedding 1.7% on the session. In earnings, Disney added 1.7% to $118.00 after topping analyst profit projections on strength in its theme park and movie divisions. Activision dipped 12.4% to $55.01 while Yelp tumbled 26.6% to $31.93 after both companies released disappointing results.
Breadth was negative on issues by roughly 8:3 on both the NYSE and Nasdaq. Composite NYSE Volume was roughly 4 billion shares.
On the data front, a survey revealed the producer price index jumped 0.6% in October, the largest monthly increase since 2012. Treasuries finished higher with the yield on the 10-year note down five basis points to 3.19%. Strength in the U.S. dollar sent gold to the lowest point in a month, finishing 1.3% lower at $1,209.20/ounce on the COMEX.
For the week, the Dow gained 2.8%, the S&P 500 added 2.1%, and the Nasdaq rose 0.7%.