U.S. Equities Slide After Growth Data as Energy Shares DeclineBy
U.S. stocks declined Friday as benchmark indexes slipped from records reached earlier in the week and data showed economic growth slowed more than forecast last quarter.
The S&P 500 fell less than 0.1 percent to 2,294.69 at 4 p.m. in New York. The benchmark index ended little changed on Thursday, after touching an intraday record. The Dow Jones Industrial Average also fell less than 0.1 percent to 20,093.78 on Friday, after crossing the 20,000 mark for the first time earlier in the week.
Nearly one-third of S&P 500 companies have reported results so far in the earnings season, with 68 percent beating estimates, according to data compiled by Bloomberg. The current season is “off to a good start” and will confirm that the yearlong earnings recession ended in the third quarter of 2016, JPMorgan equity strategists Emmanuel Cau and Mislav Matejka said in a note.
- Energy shares lagged, down 0.9% as oil fell for second time this week: down 1.2%
- Health-care shares led market, rising 0.8%; tech, phone stocks also up at least 0.3%
- VIX down 0.5% for fourth straight decline
- U.S. equity funds saw $6.3 billion in investment outflows in the week to Jan. 25 that followed Trump’s inauguration, the largest weekly outflows in four months, according to a Bank of America-Merrill Lynch strategy note, citing EPFR Global data
- European stocks edged lower on Friday, with the Stoxx Europe 600 Index falling 0.5%, as UBS Group AG paced banks’ first decline in four days
- S&P 500 EARNINGS:
- After-market Friday: none
- Pre-market Monday: Enterprise Products Partners (EPD), Affiliated Managers Group (AMG)
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