U.S. Stocks Turning In Mixed Performance On Earnings News
After trending higher over the past several sessions, stocks are turning in a mixed performance in morning trading on Friday. While the Dow and the S&P 500 have reached new record intraday highs, the tech-heavy Nasdaq has moved to the downside.
Currently, the major averages remain on opposite sides of the unchanged line. The Nasdaq is down 43.12 points or 0.3 percent at 15,172.58, but the Dow is up 130.78 points or 0.4 percent at 35,733.86 and the S&P 500 is up 4.79 points or 0.1 percent at 4,554.57.
The mixed performance on Wall Street comes as traders react to mixed earnings news from several big-name companies.
A steep drop by Intel (INTC) is weighing on the Nasdaq, with the semiconductor giant plunging by 10.9 percent after ending the previous session at its best closing level in three months.
Intel has come under pressure after reporting quarter earnings that beat estimates but weaker than expected sales. The company also warned of lower profit margins over the next few years.
Snapchat parent Snap (SNAP) is also seeing substantial weakness after reporting mixed third quarter results and warning changes to Apple’s iOS privacy rules will lead to slower growth.
On the other hand, shares of American Express (AXP) have moved sharply higher after the financial services giant reported third quarter results that exceeded expectations on both the top and bottom lines.
Overall trading activity is somewhat subdued, however, with a lack of major U.S. economic data keeping some traders on the sidelines.
In overseas trading, stock markets across the Asia-Pacific region turned in another mixed performance during trading on Friday. Japan’s Nikkei 225 Index rose by 0.3 percent, while China’s Shanghai Composite Index fell by 0.3 percent.
Meanwhile, the major European markets have all moved to the upside on the day. While the U.K.’s FTSE 100 Index has risen by 0.6 percent, the German DAX Index and the French CAC 40 Index are up by 0.9 percent and 1 percent, respectively.
In the bond market, treasuries are regaining ground after trending lower over the past several sessions. As a result, the yield on the benchmark ten-year note, which moves opposite of its price, is down by 1.7 basis points at 1.659 percent.
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