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Stock market today: Dow snaps 4-week losing streak amid mixed quarterly earnings
Abstract：The Dow closed lower Friday, snapping a four- week win streak on mixed quarterly earnings ahead of results from big tech next week. The Dow Jones Industrial Average was 0.1%, or 22 points higher, the Nasdaq rose 0.1%, and the S&P 500 added 0.1%.
The Dow closed lower Friday, snapping a four- week win streak on mixed quarterly earnings ahead of results from big tech next week. The Dow Jones Industrial Average was 0.1%, or 22 points higher, the Nasdaq rose 0.1%, and the S&P 500 added 0.1%.
The slew of mixed quarterly results continued to weigh on investor sentiment, with materials the biggest loser on the day, driven by a slump in
Freeport-McMoran Copper & Gold (NYSE:FCX) reported quarterly results that topped estimates, but profit more than halved and the mining company warned of a further impact from ongoing labor shortages, sending its shares more than 4% lower.
Regions Financial Corporation (NYSE:RF) reported first-quarter results that missed on the bottom line and a 4% slide in deposit.
In health care, HCA Holdings Inc (NYSE:HCA) jumped more than 4% as it upgraded its annual guidance after delivering quarterly results that topped estimates.
Tech, meanwhile, continued to stutter as investors await the quarterly results from big tech next week.
Alphabet Inc (NASDAQ:GOOGL) and Microsoft (NASDAQ:MSFT) kick off earnings for big tech on Tuesday.
Amazon.com (NASDAQ:AMZN) jumped more than 3% after as its Whole Foods business is reportedly planning to cut hundreds of jobs as part of a restructuring.
Tesla (NASDAQ:TSLA), meanwhile, steadied after a slump a day earlier as the electric vehicle maker said it would hike prices of its Model Y and Model S in the U.S., just a day after slumping more than 10% following disappointing quarterly results.
Energy stocks sidestepped the uptick in oil prices as sentiment was soured by a more than 4% slump in Schlumberger NV (NYSE:SLB) as the oil field services company's better-than-expected Q1 results were overshadowed by weaker margins and cashflow.
Free cash flow for the quarter fell $265 million, missing Goldman Sachs' estimates of $772M, driven by “stronger than expected use of cash in working capital,” Goldman Sachs said. On the economic front, manufacturing activity picked up in April, climbing to a reading of 50.4 from 49.2 previously, signalling a return to expansion. Services activity also inched higher to a reading of 53.7 from 52.6 last month.
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The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.
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