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Close Update: Wall Street Weighed Down by Tax Reform Delays, Profit-Taking

Wall Street's major averages closed lower on Friday as investors booked profits off yesterday's gains ahead of a shortened trading week, and as Wall Street considered the likelihood for meaningful tax reform to be put in place before the end of the year.

The Dow Jones Industrial Average and S&P 500 ended the week with a loss of 0.2% while the Nasdaq pulled off a 0.4% gain on strength in chipmakers and biotechs.

Today's risk off trade drove the price of gold to a one-month high, and drove the 10-year Treasury note yield down another 2 basis points, flattening the 2/30 yield spread by another 2 basis points to its lowest since October 2007.

In corporate news, shares of Tesla ( TSLA ) reached a two and-a-half week high after the carmaker dazzled Wall Street with the unveiling of its electric tractor trailer and $250,000 roadster.

Shares of 21st Century Fox (FOX, FOX.A) rallied amid reports that Verizon ( VZ ) and Comcast ( CMCSA ) have approached the company to buy "a significant part" of its assets including Fox's movie and TV production studios, cable networks and European pay TV provider Sky plc.

General Electric ( GE ) shares continued to lose ground Friday even as the company's CEO threw his financial support behind the company with the purchase of 60,000 shares valued at over $1 million.

Bullish economic data did little to mitigate early selling pressure on equities. Housing starts rose 13.7% in October to a seasonally-adjusted annual rate of 1.290 million while permits were up 5.9% to a SAAR of 1.250 million, both beat expectations.

Here's where the markets stood at the close:

US MARKETS

Dow Jones Industrial Index was down 0.43%

S&P 500 was down 0.26%

Nasdaq Composite Index was down 0.15%

GLOBAL SENTIMENT

FTSE 100 was down 0.08%

Nikkei 225 was up 0.20%

Hang Seng Index was up 0.62%

Shanghai China Composite Index was down 0.48%

UPSIDE MOVERS

(+) FL (+28.16%) Posted better-than-expected Q3 results, entered partnership with Nike ( NKE )

(+) DCIX (+24.70%) Reported a loss on declining revenue

(+) ANF (+23.90%) Q3 EPS and sales exceed expectations

(+) HIBB (+15.15%) Q3 results beat expectations, raised FY guidance

DOWNSIDE MOVERS:

(-) SNES (-36.68%) Priced 5.4 million shares at $1 per share

(-) VBLT (-23.89%) Initiated public offering of 2.5 million shares

(-) BGI (-19.52%) Mid-year loss widened, comparable sales down from year ago

(-) WSM (-13.41%) Missed Q3 EPS forecasts, guides Q4 and FY in-line to below street expectations

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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