The Nasdaq Composite climbed to an all-time high on Friday, boosted by megacap tech stocks.

The tech-heavy index rose 0.56% to 18,518.61, while the S&P 500 inched 0.03% lower to end at 5,808.12. The Dow Jones Industrial Average shed 259.96 points, or 0.61%, to close at 42,114.40.

Tech stocks boosted the market ahead of their upcoming earnings. Nvidia added 0.8%, and shares of Meta Platforms, Amazon and Microsoft were also higher. On the quarterly results front, HCA Healthcare lost nearly 9% after reporting hurricane disruptions hit its earnings and full-year guidance, while Colgate-Palmolive shares shed 4% after the company reduced the low end of its sales estimate for the year.

The 10-year Treasury yield notably cooled off from its three-month highs after breaking above the 4.25% mark during Wednesday's session. On Friday, it rose more than three basis points to roughly 4.24%.

"Yields have risen meaningfully, and so I think that's been an issue for the equity market," said Phillip Colmar, managing partner and global strategist at MRB Partners. "On one hand, you got earnings that are decent, but then you end up with rate cuts, which should be positive." However, the rates that matter right now are bond yields, he said. "That has caused a lot of uncertainty and you're getting some just kind of digestion."

These moves follow a mixed day on Wall Street. The Nasdaq joined the S&P 500 in finishing the session higher on Thursday, after both indexes were lifted by Tesla's postearnings rally.

Both the S&P 500 and Dow snapped a six-week winning streak. The former was off nearly 1% on the week, while the latter ended the period lower by 2.7%. The Nasdaq notched its seventh weekly gain, advancing nearly 0.2%.

Correction: A previous version misstated the S&P 500 hit a record Friday. It last hit an all-time high on Oct. 17.

Nasdaq ends Friday higher ahead of megacap tech earnings

The Nasdaq Composite outshined the other major U.S. indexes on Friday as investors piled into major tech stocks ahead of earnings next week.

The tech-heavy index rose 0.56%, ending at 18,518.61. The S&P 500 lost 0.03% to end the trading session at 5,808.12. The Dow Jones Industrial Average slid 259.96 points, or 0.61%, to 42,114.40.

— Pia Singh

McDonald's shares post biggest weekly loss since 2020 as E. coli cases worry investors

A deadly E. coli outbreak linked to McDonald's dragged down the fast-food chain's stock to its worst week in more than four years.

Shares tumbled 7.6% over the week, marking the stock's biggest loss in a week since March 2020, when shares dove more than 16%.

The Centers for Disease Control and Prevention said Friday that the outbreak, which is tied to McDonald's Quarter Pounders, has led to 75 cases across 13 states. There have been 22 hospitalizations and one death reported.

Shares of McDonald's are now down more than 1% in 2024.

— Alex Harring

UBS says buy this homebuilder with more than 25% upside

Investors should start building a position in Builders FirstSource, according to UBS.

The stock rose more than 1% in the premarket after analyst John Lovallo initiated coverage with a buy rating. His price target implies more than 27% upside from Thursday's close.

With a "structurally underbuilt" housing market in the U.S., Lovallo thinks the homebuilder is well positioned for growth ahead, seeing current headwinds subsiding in 2025.

"In our view, the market appears overly cautious on BLDR's growth potential over the next few years given ongoing softness in the multi-family market, decreasing building materials per housing start and skepticism regarding the path of the residential construction cycle," Lovallo said in a Friday note.

CNBC Pro subscribers can read more here.

— Sean Conlon

MicroStrategy hits 24-year high, heads for seven-week win streak

MicroStrategy is off its highs of the day, but the software company and bitcoin proxy is still on pace for a nearly 7% gain and its seventh up week in a row. That would make it its longest weekly rally since its 11-week streak in October 2010.

The stock was hovering below the flat line in late afternoon trading, but earlier in the day hit its highest level since March 2000.

Investors tend to trade MicroStrategy as a high beta play on the price of bitcoin, which has been chopping sideways since March. Earlier this month, the stock was trading at its highest level relative to the flagship crypto since 2019.

Bitcoin was last lower by 2%.

— Tanaya Macheel, Nick Wells

Spirit Airlines shares rise after job cuts and plane sales, on track for best week ever

Shares of Spirit Airlines soared more than 18% in afternoon trading on the heels of the budget airline's announcement that it is going to sell 23 planes for $519 million and cut jobs.

This comes after Spirit surged around 46% on Wednesday after The Wall Street Journal, citing people familiar with the matter, reported that the carrier has reignited merger discussions with fellow budget airline Frontier Airlines.

The gains put the stock on pace for its best weekly performance on record, with shares up nearly 95% week to date. That said, the stock has had a rough run this year, seeing losses of more than 82%.

— Sean Conlon

Most Dow members poised to see losses this week

Nine out of every 10 Dow members are tracking for losses this week, underscoring the broad hit to the blue-chip index.

As a whole, the 30-stock average is slated to finish the week 2.5% lower. That would snap a six-week winning streak for the index.

3M and McDonald's have led the index lower this week with losses of more than 7% each. On the other hand, Microsoft, Intel and Walmart were the only members on pace to see gains this week, as of shortly after 1:20 p.m. ET.

— Alex Harring

Hurricanes hit HCA Healthcare earnings and full-year outlook, sending shares down 10%

HCA Healthcare shares plunged nearly 10% on Friday after the company warned its near-term outlook would be weighed from hurricanes.

HCA posted adjusted EBITDA of $3.27 billion, short of analysts' expectations of $3.28 billion, per FactSet. The company's earnings came out at $4.88 a share for the third quarter, up from $3.91 the year before, and its revenue for the period came out at $17.49 billion, while analysts polled by FactSet expected $17.54 billion.

HCA said it incurred expenses and a revenue loss estimated at $50 million from Hurricane Helene, which it said affected some of its facilities in Florida, Georgia and North Carolina. The company forecast an additional $200 million to $300 million revenue hit from Hurricane Helene and Hurricane Milton for the ongoing quarter, but still reaffirmed its earnings outlook and revenue guidance for the full year, albeit expecting results to be in the lower half of its ranges.

HCA is the largest and most profitable public hospital company in the U.S.

— Pia Singh

Stocks making the biggest moves midday

Check out the companies making headlines in midday trading:

• Tapestry, Capri — Shares of Tapestry rallied more than 14%, while Capri's stock tumbled 47%. The sharp moves come after a judge ruled in favor of the Federal Trade Commission's case to block Tapestry's acquisition of Capri.
• L3Harris Technologies — Shares rose 3.5% after the defense company reported a top- and bottom-line beat in the third quarter. L3Harris also raised the lower end of its full-year earnings forecast, saying it now expects adjusted earnings in the range of $12.95 to $13.15 per share, compared with a prior forecast of $12.85 to $13.15 a share. Analysts polled by FactSet were estimating $13.04 in earnings per share for the full year.
• Colgate-Palmolive — The household goods producer fell more than 3% lower despite beating consensus estimates on the top and bottom lines in the third quarter. Colgate posted adjusted earnings of 91 cents on revenue of $5.03 billion, while analysts had forecast 89 cents in earnings per share and $5 billion in revenue, per LSEG. 

The full list can be found here.

— Hakyung Kim

Dollar index headed toward winning week

The Dollar Index slipped 0.1% to a session low at 103.94, its weakest level since Oct. 22 when it dipped to 103.816.

The Dollar Index is up 0.4% week to date and is headed toward its fourth straight positive week for the first time since June 28.

— Hakyung Kim, Gina Francolla

Stocks open in the green Friday

Shortly after market open, the S&P 500 and Nasdaq Composite were up 0.5% and 0.6%, respectively. The Dow Jones Industrial Average gained about 208 points, or roughly 0.5%.

— Pia Singh

Stocks making the biggest moves premarket

Check out some of the companies making headlines in premarket trading:

• Deckers Outdoor — The maker of Ugg and Hoka jumped 14% following its big earnings beat. Deckers posted earnings of $1.59 per share, topping the $1.24 a share expected from analysts polled by LSEG. Revenue was $1.31 billion, well above the $1.20 billion consensus estimate.
• Digital Realty Trust — The real estate investment trust surged 11% before the opening bell after reporting record lease bookings for the third quarter. Digital Realty also raised the top end of its full-year revenue forecast to $5.6 billion, while analysts polled by FactSet expected $5.57 billion.
• Tapestry, Capri — Shares of Tapestry surged 13%, while shares of Capri plummeted 47%. The sharp moves come after a federal judge blocked Tapestry's acquisition of Capri.

Read the full list here.

— Brian Evans

Citi downgrades Bristol-Myers Squibb to hold from buy

New product launches could be a headwind for Bristol-Myers Squibb in the near term, according to Citi.

Shares were marginally lower in premarket trading after analyst Geoff Meacham downgraded his rating on the drugmaker to neutral from buy. His updated price target implies about 4% upside from Thursday's close.

"While we are bullish on the new product portfolio and its growth impact towards the end of the decade, the transition period in 2025-2027 is likely to add volatility to share performance, in our view," the analyst wrote in a note to clients Friday.

Notably, Meacham believes the company is more of a growth story in 2027 and beyond, as he estimates its new launch portfolio could contribute 27% of total revenues then compared to 11% in 2024.

Though the stock has risen more than 3% this year, it has had a much bigger run in recent months, surging about 17% in the past three months and more than 18% in the past six.

— Sean Conlon

Jefferies downgrades Boston Beer, cites lack of stabilization

Jefferies is heading to the sidelines on Boston Beer.

Shares slid more than 4% in the premarket after analyst Kaumil Gajrawala downgraded his rating on the stock to hold from buy. His updated price target still reflects more than 7% upside from Thursday's close.

"We thought Truly was finding its floor — we were wrong," the analyst wrote in a Friday note. "Declines accelerated this summer (-22% May YTD vs. -23% from June-Sept.) despite favorable comps. Meanwhile, White Claw growth accelerated (+1.6% to. +2.5%), suggesting its issues go beyond the category."

Gajrawala also noted that growth for Twisted Tea, a key growth driver for the company, has been slowing as well. Overall, the company is limited when it comes to other growth avenues, he said.

"We are confident the biz will find it, but until we see better evidence we stay on the sidelines," the analyst continued.

While shares have slumped more than 12% this year, they have risen more than 11% over the past month.

— Sean Conlon

KeyBanc downgrades Apple over iPhone sale concerns

Recent consumer survey data on iPhone sales points to a lack of growth for Apple, according to KeyBanc Capital Markets.

Shares fell nearly 1% in the premarket after analyst Brandon Nispel downgraded the megacap tech name to underweight from sector weight, and his updated price target reflects more than 13% downside ahead, as of Thursday's close.

Nispel thinks the iPhone SE is "not purely additive" to overall iPhone sales, citing data from the firm's consumer iPhone survey for September. The survey showed that 59% of respondents are interested in upgrading to the iPhone 16. Additionally, among those who are likely or extremely likely to upgrade to the iPhone 16, 61% are interested in the iPhone SE.

"We think this shows the iPhone SE is not incremental, and could possibly be cannibalistic to iPhone 16 sales," the analyst wrote in a Thursday note. "From our view, if iPhone SE is successful, iPhone Units could rise but [average sales prices] could fall, contrary to consensus."

CNBC Pro subscribers can read more here.

— Sean Conlon

Tapestry pops while Capri slides after judge blocks acquisition

Tapestry shares rose more than 14% in premarket trading Friday on the heels of a federal judge blocking the Coach owner's proposed acquisition of Capri.

Following the judge's decision, the Michael Kors parent's stock plummeted nearly 47%. This year, shares of Tapestry have surged nearly 21%, while Capri has fallen more than 17%.

The move comes after the Federal Trade Commission sued to block the acquisition back in April. The companies first announced the $8.5 billion deal last year.

— Sean Conlon

Asia markets see a mixed session ahead of Japan general elections

Asia-Pacific markets were mixed Friday, with investors awaiting Japan's general election over the weekend.

Tokyo's headline inflation rate fell to 1.8% in October from 2.2% the month before, with core inflation — which strips out prices of fresh food — also coming in at 1.8%, down from 2%.

The benchmark Nikkei 225 fell 0.60% after the inflation report to close at 37,913.92, while the Topix fell 0.65% to 2,618.32, marking a fifth straight day of losses.

In contrast, Hong Kong's Hang Seng Index was up 0.52% as of its final hour of trade after falling in the previous session, while mainland China's CSI 300 rose 0.70% to close at 3,956.42.

South Korea's Kospi and Australia's S&P/ASX 200 gained marginally.

— Lim Hui Jie

Europe stocks open slightly lower

European markets opened slightly lower Friday as investors assessed earnings from firms including Mercedes, Remy Cointreau and NatWest.

The regional Stoxx 600 index was down 0.12% at 8:10 a.m. in London. The U.K.'s FTSE 100 held near the flatline, as Germany's DAX and France's CAC 40 dipped 0.06% and 0.28%, respectively.

— Jenni Reid

Stocks head for losing week

With just Friday's session left in the trading week, all three of the major indexes tracked to snap six-week win streaks.

The Dow has performed the worst this week, falling more than 2%. The S&P 500 and Nasdaq Composite have slid 0.9% and 0.4%, respectively, on the week.

— Alex Harring

Stocks making big moves after hours

These are some of the stocks on the move in extended trading:

• Capri, Tapestry — Capri shares plummeted 48%, while Tapestry shares popped 12% after a judge blocked the $8.5 billion merger of two luxury goods makers.
• Skechers — The shoe maker jumped 5.1% after third-quarter earnings topped expectations.
• L3Harris Technologies — The defense stock added 4% after posting a third-quarter beat on both lines.

See the full list here.

— Alex Harring

Stock futures are little changed

Futures tied to the Dow, S&P 500 and Nasdaq 100 were all near flat shortly after 6 p.m. ET.

— Alex Harring