Stocks rose slightly on Friday but logged a losing week amid renewed worries that the Federal Reserve may raise rates more than previously expected.

The S&P 500 edged up 0.14% to snap a three-day losing streak and finish at 4,457.49. The Dow Jones Industrial Average added 75.86 points, or 0.22%, to close at 34,576.59, while the Nasdaq Composite eked out a 0.09% gain to settle at 13,761.53.

Major averages also capped off a losing week. The S&P and Nasdaq dropped 1.3% and 1.9%, respectively, for their first negative week in three. The Dow finished about 0.8% lower.

Energy stocks rose Friday as oil prices continued their recent rise. The S&P sector increased 1% and posted a 1.4% weekly gain. Major winners included Marathon Petroleum and Phillips 66, both up about 3%. Valero Energy jumped 4%.

Some technology stocks that have struggled in recent sessions found their footing. After two straight losing days{

Apple's stock drop this week is 'overdone,' Morgan Stanley says

Some traders may worry the decline in Apple shares this week may point to further weakness in the stock, but Morgan Stanley disagrees.

"We believe Apple's 2-day -6% stock move suggests the market thinks recent China headlines will evolve into something broader," Erik Woodring wrote Friday. "We believe that's unlikely. In a worst case scenario, we see 4% rev and 3% EPS downside, suggesting the stock move is overdone."

The analyst reiterated an overweight rating on Apple. His $215 price target means the stock has more than 20% upside from Thursday's close. Apple shares were more than 1% higher during midday trading.

— Sarah Min

Apple Microsoft Nvidia Tesla Block

Shares of Block fall as Square suffers technical issues

Shares of Block fell nearly 5% on Friday as the payments company deals with a systems outage. Block is the parent company of Square and Cash App.

The issues began around midday Thursday, according to the official Square account on X.

The Cash App status website says the service is back up and running, while a similar page for Square says that the platform is suffering from multiple services disruptions.

—Jesse Pound

Investors may have found some comfort in the lack of bad news during Friday's session following a string of stronger-than-expected economic data points earlier in the week, said Bryce Doty, a senior vice president and portfolio manager at Sit Investment Associates.

"When you think of the economy, it's a Catch-22 for investors," he said. "If it looks like we're going to avoid the hard landing, we get some good economic news, and there's a sigh of relief quickly followed up by an increased expectation of Fed rate increases."

Recent economic data, including lower-than-expected initial jobless claims, have reignited rate hike fears and concerns that the Federal Reserve may have more work ahead. As of Friday, traders are pricing in greater than 4 in 10 chances of an increase in November after an anticipated pause in September, according to CME Group's Fed Watch tool.

These factors, along with signs that companies are faring decently despite rising interest rates, are contributing to the current "tug-of-war" of choppiness in markets, said Yung-Yu Ma, the chief investment strategist at BMO Wealth Management.

"Right now, we're in that strange phase where good news can be bad news, but I don't think that lasts too long," he said, adding that softening consumer spending could flip that narrative. "We're just not there yet."

Elsewhere, investors pored over the latest batch of corporate earnings reports. E-signature stock DocuSign lost 3.7% even after the company topped fiscal second-quarter estimates and posted rosy third-quarter guidance. RH dropped 15.6% on soft third-quarter guidance. Both companies reported late Thursday.

Stocks notch small gains, post losing week

Stocks rose on Friday but finished the week with losses.

The S&P 500 edged up 0.14% to finish at 4,457.49. The Dow Jones Industrial Average added 75.86 points, or 0.22%, to close at 34,576.59, while the Nasdaq Composite eked out a 0.09% gain to settle at 13,761.53.

Major averages also capped off a losing week. The S&P and Nasdaq dropped 1.3% and 1.9%, respectively, for their first negative week in three. The Dow finished about 0.8% lower.

— Samantha Subin

Retail investor bullish sentiment jumped in latest weekly poll, AAII says

Bullish sentiment among individual investors regarding the outlook for stocks over the next six months surged to 42% in the latest week, from 33.1% last week, and the first time the measure's been above the historical average (37.5%) since early August, according to the latest American Association of Individual Investors survey.

Bearish sentiment sank to 29.6%, a four-week low, vs 34.5% last week. Neutral sentiment fell to a seven-week low of 28.2% from 32.4% last week.

Bullishness also climbed in the weekly Investors Intelligence poll of financial newsletter editors and advisors earlier this week, rising to 49.3% from 43.1% last week. Bearishness rose a touch, to 21.9% from 20.8%, while those in the correction camp narrowed to 28.8% from 36.1%.

Rising bullishness is a bad omen for contrarians who try and go against the investment crowd, as it can mean cash has already been deployed in the market and there's less firepower on the sidelines to push prices higher.

— Scott Schnipper

Mizuho upgrades Adobe to buy

Financials for Adobe are set to improve over the long term on the back of an uptick in web traffic and a bustling project pipeline that includes the rollout of AI-generated products, according to Mizuho.

In a Friday note, analyst Gregg Moskowitz upgraded the stock to a buy rating, lifting Adobe's price target to $630 from its previous level of $520. This revision comes just a week before the software company officially reports its third quarter 2023 earnings results on September 14.

"All that said, this isn't about a call on the quarter," Moskowitz added. "ADBE remains very well-positioned to benefit from digital transformation with its highly comprehensive end-to-end offering."

— Lisa Kailai Han, Michael Bloom

D.A. Davidson says Snowflake is set to benefit in a big way from AI

Snowflake is an up-and-coming player in the artificial intelligence world that's here to win, according to D.A. Davidson.

Analyst Gil Luria initiated the stock with a buy rating and suggested a $200 price target. Shares gained 3.3% Friday, marking a recovery after a harsh quarter for the cloud data provider.

"Even after cloud optimization efforts that plagued software companies this year, we view Snowflake in an advantageous position," Luria wrote in the Thursday note. "They maintain best-in-class growth rates and are positioned well as a cloud data company to benefit from increasing demand for artificial intelligence."

CNBC Pro subscribers can read more here.

— Pia Singh

Wells Fargo analyst Mayo says Goldman Sachs is 'on the right path' for better returns

Wells Fargo analyst Mike Mayo told CNBC's "Squawk on the Street" that he's still bullish on shares of Goldman Sachs, despite the increased scrutiny the investment bank has faced in recent months as CEO David Solomon tries to right the ship amid questions about his management style.

Solomon is currently trying to scale back the bank's unsuccessful foray into the consumer business, which cost shareholders potential returns by taking resources away from the core investment banking franchise.

As capital market activity simultaneously lulled, Goldman Sachs returns fell to 10% in 2022 versus its target of 15%. Efficiency levels at the bank have also dwindled, with last year's expense-to-revenue ratio coming in at 68% versus its target level of 60%.

But over the long term, Mayo is optimistic that Solomon's controversial actions are set to lead the bank into a brighter future. "I think they're on the right path, they just have to execute better," Mayo said.

— Lisa Kailai Han

Energy outperforms as oil prices rise

The energy sector continued to outperform the broader market on Friday, as one major oil price benchmark broke back above $90 per barrel.

The Energy Select Sector SPDR Fund (XLE) was up 1.3% in afternoon trading, and is up nearly 2% on the week. Shares of Exxon Mobil and ConocoPhillips rose more than 1% each.

Meanwhile, Brent crude futures rose nearly 1% to trade at $90.77 per barrel. U.S. benchmark West Texas Intermediate crude futures saw a similar gain, trading above $87 per barrel.

— Jesse Pound

Dow heads for losing week

The Dow is on track to end the week down, with few members able to avoid the slide.

The 30-stock index has lost 0.7% this week, dragged down by drops of 5% or more in Walgreens and Apple. Nike, Boeing and Verizon Communications were also among the worst performers, down more than 4%.

Less than a third of stocks in the index are on track for gains this week. Intel has performed the best, gaining nearly 4%.

— Alex Harring

Gilead Sciences could jump nearly 30% as biopharma bounces back, says Bank of America

The biopharmaceutical sector is poised to bounce back this year, and Gilead Sciences could be a key beneficiary, according to Bank of America.

Analyst Geoff Meacham upgraded Gilead to buy from neutral and increased target price for the stock. Shares added 2.5% on Friday.

"GILD shares look oversold in our view, especially given 1) restoration of durable HIV franchise growth, 2) an increasing contribution from [hematology-oncology] (11% of revenues today; 17% in 2027), and 3) optionality in both the HIV and heme/onc pipeline," Meacham wrote in the Friday note. 

CNBC Pro subscribers can read more here.

— Pia Singh

JPMorgan trims Apple’s price target ahead of iPhone 15 launch next week

Apple has a challenge ahead as investors remain downbeat about the iPhone-maker's upcoming launch, according to JPMorgan.

Analyst Samik Chatterjee reiterated his overweight rating on the stock, but lowered his price target to $230. That still suggests substantial upside.

"We believe share price outperformance in the remainder of the year (particularly after a strong outperformance in 1H and underperformance between July and September) is dependent on beating what are now low investor expectations for the iPhone 15 launch," Chatterjee wrote in the Friday note.

Apple's shares edged up 1.2% on Friday after raking in losses earlier this week. CNBC Pro subscribers can read more here.

— Pia Singh

Shares of Block fall as Square suffers technical issues

Shares of Block fell nearly 5% on Friday as the payments company deals with a systems outage. Block is the parent company of Square and Cash App.

The issues began around midday Thursday, according to the official Square account on X.

The Cash App status website says the service is back up and running, while a similar page for Square says that the platform is suffering from multiple services disruptions.

—Jesse Pound

Apple's stock drop this week is 'overdone,' Morgan Stanley says

Some traders may worry the decline in Apple shares this week may point to further weakness in the stock, but Morgan Stanley disagrees.

"We believe Apple's 2-day -6% stock move suggests the market thinks recent China headlines will evolve into something broader," Erik Woodring wrote Friday. "We believe that's unlikely. In a worst case scenario, we see 4% rev and 3% EPS downside, suggesting the stock move is overdone."

The analyst reiterated an overweight rating on Apple. His $215 price target means the stock has more than 20% upside from Thursday's close. Apple shares were more than 1% higher during midday trading.

— Sarah Min

Stocks moving midday: Kroger, RH and more

These are the stocks making the biggest moves during midday trading:

• Kroger — The supermarket conglomerate climbed 3% on the back of better-than-expected earnings for the second quarter. Second-quarter revenue of $33.85 billion did miss expectations, however.
• Planet Labs — The satellite imaging company plummeted 17% after reporting a greater-than-expected loss for the second quarter.
• RH — The home goods store slipped more than 13% after a third-quarter earnings miss. Chief Executive Gary Friedman told shareholders that the he expects macroeconomic headwinds to persist throughout the remainder of 2023, further pressuring the luxury housing market.

— Brian Evans

Europe stocks finish higher, break longest losing streak in five years

European markets finished modestly higher on Friday, with the pan-European Stoxx 600 index breaking its longest losing streak in more than five years.

The index added 0.22% after seven straight losing sessions — the longest streak dating back to February 2018.

— Hannah Ward-Glenton, Jenni Reid and Samantha Subin

Deutsche Bank upgrades First Solar after company's analyst day

Now is the time for investors to invest in First Solar, according to Deutsche Bank.

Analyst Corinne Blanchard upgraded the solar panel maker to buy from hold. She also raised her price target by $15 to $235, implying shares stand to gain roughly 30% in the next 12 months.

"In the context of uncertainty and a cloudy background for the solar industry (soft Resi demand & stuffed channel, equipment pricing, high interest rate environment), we see First Solar as relatively protected from those concerns, as the company has established itself in the niche market of thin film modules, with strong demand on-going," Blanchard wrote in a Thursday note. First Solar held an analyst day Thursday.

Shares are trading up 1.4% Friday. CNBC Pro subscribers can read more here.

— Pia Singh

IPO activity could meaningfully increase, Goldman Sachs CEO says

The market could get a jolt from a batch of upcoming IPOs, according to Goldman Sachs CEO David Solomon.

He told CNBC's David Faber that the performance of companies that have recently filed to go public, like chip designer Arm, will be watched by others considering the move. And Wall Street could be helped by the trend, he said.

"Over the course of the next few months, especially if Arm and some of these other IPOs go well, I think you're going to see a meaningful increase in activity," Solomon said.

Click here to read more of his comments.

— Hugh Son, Alex Harring

Ark Invest's Cathie Wood loads up on flying taxi company Archer Aviation

Cathie Wood's Ark Invest has been building a stake in flying taxi company Archer Aviation.

The innovation-focused investor added to its holding Tuesday and Thursday this week in Ark Innovation ETF (ARKK) fund, making Archer Aviation its 25th biggest holding in the fund, according to Ark's daily trading data. ARKK now has 1% weighting in the electric aircraft startup, owning about $78 million worth of shares.

Archer Aviation went public in 2021 after merging with special purpose acquisition company Atlas Crest Investment Corp. United Airlines was a prominent investor in the deal.

— Yun Li

Biggest S&P 500 losers for the week

The S&P 500 is on track to finish the holiday-shortened week with a 1% loss amid a resurgence in rate hike fears.

The biggest underperformers in the broad-based index include a handful of semiconductor and technology stocks, with Skyworks Solutions and Qorvo down more than 9% each. Seagate Technology is the biggest laggard in the index, on track finish the week down nearly 13%.

Other losers down at least 9% include Organon, Kenvue, Align Technology and Las Vegas Sands.

A handful of energy stocks bucked the broader market downtrend as oil prices rose, with Marathon Petroleum and Valero Energy up more than 5%. Intel's gained 5%, while Centene's jumped 7%.

— Samantha Subin

Probability of recession has been on the rise in recent months, says retired Goldman Sachs strategist

While a recession may no longer be the base case for many investors and market strategists, the likelihood of a downturn have actually been on the rise in recent months, according to Abby Joseph Cohen.

"The tailwinds quite frankly, have gotten weaker," the retired Goldman Sachs strategist told CNBC's "Squawk Box" on Friday. "That doesn't mean that we're heading into a recession anytime soon, but I think we are in a situation where things are not quite as easy perhaps, as they might have been 18 months ago."

The next 12 to 18 months will be the most difficult to forecast as Wall Street contends with a looming budget negotiations deadline and lingering concerns in China, among other issues.

— Samantha Subin

Stocks open little changed, head for losing week

Stocks opened little changed on Friday and were on track to finish the week with losses.

The Dow Jones Industrial Average added 10 points, while the S&P 500 and Nasdaq Composite rose 0.1% each.

— Samantha Subin

Oil rises 2% this week, adding to fears of sticky inflation

Oil prices are higher by more than 2% this week as tighter supply outweighed broader concerns, and added to investor fears that inflation could remain stubbornly high.

Brent crude futures were last trading at around $90.62 a barrel, while U.S. West Texas Intermediate crude (WTI) futures were up at $87.50 a barrel.

Oil prices are higher after Saudi Arabia and Mosco said they would expand their supply cuts this year. That trumped concerns of weaker demand out of China which is contending with a slow recovery from the pandemic.

— Sarah Min

Stocks making the biggest premarket moves

These are some of the stocks making notable moves before the bell:

• Kroger — The retailer fell 2.8% following a mixed second-quarter report. Kroger also said it would pay as much $1.2 billion to settle most claims related to opioids.
• Planet Labs — The satellite imagery stock slipped 2.6% in premarket trading on Friday, a day after delivering a weaker quarterly report than expected.
• RH — The home goods retailer dropped 7.3% premarket after third quarter guidance fell short of analyst estimates and management warned of a challenging environment.

See the full list here.

— Alex Harring

RBC Capital Markets says ChargePoint poised to rally 27%

RBC Capital Markets initiated coverage of ChargePoint Holdings with an outperform rating on Thursday and $9 price target, suggesting 27% upside from the prior session's close.

Analyst Chris Dendrinos said the adoption of electric vehicles is not an "if" but a "when," and with that comes the need for charging infrastructure.

"We believe the robust product portfolio, differentiated strategy, and asset-light business model position it to be a key beneficiary of positive secular trends in vehicle electrification and growing demand for charging infrastructure," he wrote in a note to clients.

ChargePoint shares are down 34% year to date.

— Michelle Fox

Vir Biotechnology falls after BofA downgrade

Shares of Vir Biotechnology fell nearly 4% in the premarket after Bank of America downgraded them to neutral from buy. The bank also slashed its price target on the stock to $14 from $23. The new target implies upside of 21%.

Analyst Geoff Meacham noted that, "given near-term data are unlikely to lift investor sentiment, due to underwhelming data in both influenza A and hepatitis B in 1H23."

"While we remain bullish on Vir's antibody platform and long-term opportunity in Hep B/D and influenza, in our view progression to pivotal success is a way away," the analyst added.

— Fred Imbert

Treasury yields decline as investors consider interest rate policy path ahead

U.S. Treasury yields fell on Friday as investors fretted over the possibility of further interest rate hikes.

At 4:12 a.m. ET, the yield on the 10-year Treasury was down by more than two basis points to 4.2344%. The 2-year Treasury yield was over one basis point lower at 4.9422%.

Yields and prices have an inverted relationship and one basis point equals 0.01%.

— Sophie Kiderlin

European markets open higher

European markets opened higher on Friday, looking to shake off a streak of seven consecutive sessions of losses.

The pan-European Stoxx 600 index was up 0.3% at the start of trade, with most sectors in marginally positive territory. Retail stocks led minor gains with a 0.9% uptick, followed by tech, which was 0.6% higher.

— Hannah Ward-Glenton

China's offshore yuan hits all-time low against U.S. dollar

The offshore yuan weakened to its lowest level against the U.S. dollar since its inception in 2010, crossing the 7.35 level early this morning to trade at 7.3599 yuan per dollar.

The Chinese currency later pared its losses slightly, trading at 7.513 yuan against the greenback.

China's onshore yuan, which is traded on the mainland, was also at a 16-year high, trading at 7.3417 against the dollar.

— Lim Hui Jie

Philippines trade deficit grows in July, imports and exports fall

The Philippine trade deficit increased to $4.2 billion in July, a climb compared to the $3.9 billion deficit seen in June.

Exports in July fell 1.2% year-on-year, a reversal from the 0.9% growth in June. Imports to the country however, plunged 15.3% year-on-year in July, a steeper fall from the 15.0% contraction the previous month.

In July, the Philippines' total external trade in goods amounted to $16.49 billion, which is 10.5% lower year-on-year.

— Lim Hui Jie

Japan economy grows less than expected in second quarter

Japan's second quarter gross domestic product expanded less then expected, with the economy growing 4.8% on a quarter-on-quarter annualized basis.

This was lower than the 6% announced in the preliminary release in August, and below the 5.5% growth expected by economists polled by Reuters.

On a quarter-on-quarter basis, second quarter GDP climbed by 1.2%, compared to the 1.5% rise seen in the preliminary basis and slightly lower than the 1.3% expected by the Reuters poll.

— Lim Hui Jie

Investors added $11 billion to bond ETFs amid risk-off August

Investors flocked to bonds via exchange traded funds last month as stocks suffered, according to State Street Global Advisors.

Inflows into ETFs overall were weak, coming in at $15 billion in August, the firm found. U.S. equity ETFs brought in $6 billion as the S&P 500 limped through the month with a roughly 1.8% loss.

However, bonds captured $11 billion, and investors poured $8 billion of inflows into ultra-short duration government bond funds, State Street found.

Even as investors turned to fixed income while in risk-off mode, August's inflows into bond ETFs still fell short of the $17 billion those funds receive in a month on average.

"The market's summer dreams have been dashed, as the summer loving good vibrations from June and July did not carry over into August," wrote Matthew Bartolini, head of SPDR Americas Research at State Street Global Advisors.

-Darla Mercado

Marketing services provider Yext slumped 28% Thursday, most since 2017 IPO

Yext, a cloud-based provider of apps, search engines and other platforms to help businesses manage online listings, tumbled almost 28% Thursday — its biggest one-day decline since going public in April 2017.

The decline came after Yext's latest financial results for its second quarter ended July 31, and guidance for the third quarter and full year. Second-quarter per share earnings, revenue and EBITDA beat estimates, while forward guidance was more mixed, accoding to StreetAccount.

CEO Michael Walrath said on the earnings call that Yext customers are closely monitoring their marketing spending. "There's more budget pressure," he said, "I think there's more conservatism coming out of the enterprises and it causes more discussions about, where is the budget for incremental opportunities coming from whether those are new logo, upsell. And in some cases, we're seeing cost-cutting pressure within existing customers."

— Scott Schnipper, Gina Francolla

Stock futures open little changed

Stock futures were little changed Wednesday, with Wall Street digesting fresh economic data that added to worry over future rate hikes.

Dow Jones Industrial Average futures climbed 25 points, or 0.07%. Futures tied to the S&P 500 and Nasdaq 100 futures ticked up 0.04% each.

— Brian Evans