U.S. equities finished mixed, with tech stocks slumping, as a dearth of major earnings and economic news turned the market’s focus to what the Fed will do about interest rates when policymakers meet next week. Bond yields rose in anticipation of more rate hikes ahead.

Widely-held tech stocks, which are less attractive when borrowing costs rise, declined. Microsoft (MSFT) and Salesforce (CRM) were the worst-performing stocks in the Dow. Amazon (AMZN) shares lost 4%, and Apple (AAPL), Alphabet (GOOGL), and Meta Platforms (META) shares fell. 

Shares of Campbell Soup (CPB) tumbled after the food producer’s full-year profit outlook came up short of analysts’ estimates. Shares of Visa (V) and Mastercard (MA) slipped as a bill is expected to be introduced in the Senate this week allowing merchants to process many transactions without using Visa’s and Mastercard’s networks. 

Warner Bros. Discovery (WBD) was the best-performing stock in the S&P 500 after embattled CNN CEO Chris Licht left the news channel. Banking stocks advanced. Goldman Sachs (GS) and Wells Fargo (WFC) shares picked up about 2%. Caterpillar (CAT) led the Dow higher, with shares jumping 4%.

Oil futures rose, and that lifted shares of oil producers and oilfield services firms. Marathon Oil (MRO), Phillips 66 (PSX), and Halliburton (HAL) shares were up 4%. Shares of Chevron (CVX) and Exxon Mobil (XOM) increased 2%.

Shares of Tesla (TSLA) gained on word that buyers of the electric carmaker’s Models 3 and Y would be eligible for a $7,500 EV tax credit under the Inflation Reduction Act of 2022. Stitch Fix (SFIX) shares skyrocketed as the online personal styling service posted better-than-expected results and announced more plans to reduce costs. Shares of Dave & Buster’s Entertainment (PLAY) climbed as the game-themed restaurant chain’s profit and sales set records. 

Gold prices dropped 1%. The U.S. dollar was higher versus the yen, but fell against the euro and pound. Major cryptocurrencies traded lower.