Article:
Stocks showed resilience in afternoon trading on Friday as the major indexes were set to record a win for the week. Wall Street digested retail updates and oil's losses, while also reacting to signals of a slowing economy.

The S&P 500 (^GSPC) edged higher by 0.2%, while the Dow Jones Industrial Average (^DJI) increased by 0.05%, or roughly 30 points. The tech-heavy Nasdaq Composite (^IXIC) rose by about 0.2%.

The positive week for all three US indexes was fueled by a midweek rally, as investors became convinced that the Federal Reserve may ease back on interest rate hikes. This sentiment was supported by cooler inflation and softer jobs data, which were seen as signs that the central bank's tightening may be impacting the US economy.

Retail updates further underscored concerns about a falloff in consumer spending. Gap (GPS) gave a bleak forecast for holiday sales in its earnings report on Thursday, joining Walmart and Target in warning about the impact on the all-important shopping season.

Oil prices also hinted at a slowdown, with West Texas Intermediate crude (CL=F) and Brent crude futures (BZ=F) sinking into a bear market. Both saw a slight recovery on Friday but were still headed for a weekly loss after reaching their lowest level in nearly four months.

In the technology sector, Alibaba's (BABA) decision to abandon the spin-off of its cloud unit drew attention to the struggles faced by the Chinese e-commerce giant. The company's shares in New York sank, erasing over $20 billion in market value. The decision, attributed to Washington's chip curbs, highlighted the ongoing tensions between the US and China.

Hopes of a "soft landing" for the economy, wherein the Fed can control inflation without triggering a recession, were tempered by concerns of tightening financial conditions. This was expected due to the Fed's "higher for longer" interest rate campaign, creating a potential slowdown in business activity and job cuts.

In the tech sector, the Nasdaq Composite showed strong gains this month, and analysts believe there is still room for growth, especially with the acceleration of spending around cloud and AI technology. However, some caution remains, citing overstretched valuations and the possibility of AI hype falling short of expectations.

Several stocks were trending during afternoon trading. ChargePoint (CHPT) fell over 30% after releasing preliminary third-quarter results that showed lower-than-expected revenue and management changes. Ross (ROST) rose nearly 8% on better-than-expected quarterly results, while Gap (GPS) surged 30% following blowout third-quarter earnings. BJ's Wholesale Club (BJ) sank 3% after reporting weaker-than-expected sales and foreseeing slower holiday season traffic.

Consumer spending moderated in October, as shoppers became more cautious due to higher costs and mounting credit card debts. Major retailers beat earnings expectations but offered cautious outlooks going forward. Retail sales fell 0.1% in October, signaling potential further weakness.

President Joe Biden signed a temporary spending solution into law, averting a government shutdown and giving Congress and the country a temporary reprieve during the holiday season.

Overall, stocks wavered in afternoon trading, but the indexes remained poised for a weekly gain. Investors closely watched economic signals, retail updates, and the impact of oil prices, while hoping for a "soft landing" for the economy and future growth in tech stocks.