Close Update: Wall Street Wobbles Into Close as Energy Weighs, Tech Slips

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Wall Street wobbled into the close on Friday with the benchmarks posting slim moves in mixed directions as earnings from Exxon Mobil ( XOM ) weighed on the blue-chip Dow Jones Industrial Average and sent the S&P's energy group sliding.

The Nasdaq Composite ended flat even after a strong first-quarter result from ( AMZN ) sent the e-commerce giant's stock up, but disappointing subscriber numbers from Charter Communications ( CHTR ) sent the cable company's shares spiraling in the tech-heavy index's biggest loss.

Stocks were choppy this week as investors watched quarterly earnings roll in, with results from top tech names cheered before jitters emerged in the group ahead of Apple's ( AAPL ) report due Tuesday.

With just over half of the S&P 500 companies releasing earnings, about 80% of those have reported positive earnings surprises, but only 51% have experienced a positive reaction in their shares after the results, D.A. Davidson said in a note Friday. On the week, the Dow fell 0.6%, the S&P 500 was little changed and the Nasdaq lost 0.4%.

Economic data also weighed with growth in the U.S. slowing on a quarterly basis while worries rose over wage inflation as the first-quarter employment cost index rose a faster-than-expected 0.8%. Consumer sentiment slipped in April, the University of Michigan's survey showed and next week's busy calendar includes the Federal Reserve's monetary policy meeting and non-farm payrolls next Friday.

The energy sector fell 1.2% after ExxonMobil's earnings came in below analysts' expectations and production fell. Exxon's 3.8% loss was the biggest decline on the Dow. Chevron ( CVX ) rose 1.9% after its earnings beat Wall Street's consensus. Telecoms had the strongest gain, rising 1.8% as Verizon (VZ) climbed 3.6% in the Dow's top advance.

Here's where the markets stood by the close:


Dow Jones Industrial Average was down 11.15 points (-0.05%)

S&P 500 was up 2.97points (+0.11%)

Nasdaq Composite Index was up 1.12 points (+0.02%)


FTSE 100 was up 1.09%

Nikkei 225 was up 0.66%

Hang Seng Index was up 0.91%

Shanghai China Composite Index was up 0.23%


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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.

Copyright (C) 2016 All rights reserved. Unauthorized reproduction is strictly prohibited.

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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