Stocks on Wall Street waver, clinging to gains for the week

Stocks are wavering between small gains and losses on Wall Street early Friday, and are still barely higher for the week.

The weak showing follows a two-day rally that helped erase a slump earlier in the week. Investors have been facing similar choppiness throughout September as they try to gauge how the economy will continue its recovery.

The S&P 500 was close to breakeven after the first hour of trading. The Dow Jones Industrial Average rose 20 points, or 0.1%, to 34,788 and the Nasdaq fell 0.5%.

Roughly 60% of stocks in the S&P 500 rose. Weakness in technology stocks was offsetting gains by banks and industrial companies. The index is holding on to a 0.4% gain for the week.

Bond yields continued rising. The yield on the 10-year Treasury rose to 1.45% from 1.41% late Thursday. The yield was at 1.31% late Monday.

Nike was the latest company to warn investors about supply chain problems hurting revenue. Its stock slumped 6.1%. A wide range of industries face supply chain issues and that has had investors worried about rising costs for businesses and consumers. Analysts have warned that the upcoming round of corporate earnings could be crimped because of those issues.

Worries over troubled Chinese real estate developer Evergrande are also weighing on sentiment. Some Chinese banks on Friday disclosed what they are owed by Evergrande, seeking to dispel fears of financial turmoil as it struggles under $310 billion in debt. Evergrande’s announcement that it was making a payment due Thursday helped to ease some worries.

Markets in Europe fell and markets in Asia were mostly lower, though Japan’s Nikkei 225 rose 2.1%.