US stocks dip but head for weekly gains as bond yields continue to drop

• US stocks dipped Friday but are poised for weekly gains as bond yields fell further.
• The S&P 500, Nasdaq, and the Dow Jones Industrial Average are up about 2% or more this week.
• That's as inflation data came in lower than expected, raising hopes for the end to Fed rate hikes.

US stocks slipped Friday but are poised for weekly wins, riding the wave of optimism around the end to the Fed's rate hikes.

The S&P 500, Nasdaq, and the Dow Jones Industrial Average are up about 2% or more this week, which saw cooler-than-expected inflation data. In response, traders started pricing in greater odds of the central bank pivoting to rate cuts next year.

On Friday, the 10-year Treasury yield continued to drift lower. Meanwhile, oil prices edged up, after sinking sharply on Thursday.

Here's where US indexes stood as the market opened at 9:30 a.m. on Friday: 

• S&P 500: 4,505.94, down 0.05%
• Dow Jones Industrial Average: 34,911.68, down 0.10% (33.79 points)
• Nasdaq Composite: 14,084.11, down 0.21%

Here's what else is going on: 

• Prepare for stocks to plummet 30% - and a recession to strike, a legendary market prophet said
• The stock market is edging toward extremes of Great Depression and dot-com eras
• Warren Buffett is piling up cash because he sees a storm brewing and can't find bargains, wealth manager says

In commodities, bonds, and crypto:

• West Texas Intermediate crude oil rose 1.9% to $74.25 a barrel. Brent crude, the international benchmark, climbed 1.9% to $78.90 a barrel. 
• Gold was flat at $1,987 per ounce. 
• The 10-year Treasury yield dipper 1 basis point to 4.435%.
• Bitcoin rose 1% to $36,340.