Stocks finished the week mixed after tech stocks struggled with earnings.
Here’s what traders were focused on:
- Facebook (FB) – Facebook was slammed on Thursday after worse than expected earnings. The 19% drop was the worst one-day drop in Facebook history. The sell-off erased $120 billion in stock value which is the biggest one-day market cap loss in U.S. history!
- Amazon (AMZN) – Amazon jumped on Friday after better than expected earnings. The stock hit a record high but eventually settled with just a 0.5% gain for the day. Surpassing the $900 billion market cap mark, AMZN is in a close race with Apple (AAPL) to become the first trillion dollar company.
- Trade Wars – President Trump and European Commission President Jean-Claude Juncker met on Wednesday and made a deal on trade with the European Union. The EU will import more soybeans and natural gas from the U.S., but a decision on auto tariffs was put on hold.
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The NASDAQ hit record highs on Wednesday but finished the week lower after a 1.5% loss on Friday. This time it was the DOW that shined, leading the major indices with a 1.6% gain for the week.
Here’s where the major indices ended the week:
- The S&P finished with a 0.6% gain. Up 17 points, the S&P ended at 2,819.
- The DOW ended 1.6% higher. Adding 393 points, the DOW closed at 25,451.
- The NASDAQ was down 1.1%. Losing 83 points, the NASDAQ finished at 7,737.
- Bitcoin ended 11.5% higher. Adding $845, Bitcoin is trading at $8,200.
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Crude Oil (CL) finally had a positive week after finishing lower for 3 weeks straight. Up 0.8%, CL finished at $68.71 a barrel.
Tech earnings were definitely in the spotlight last week. In addition to Facebook and Amazon, Intel (INTC)reported better than expected earnings. But Intel lost 8.6% on Friday over concerns that their next-generation chips could see a slow roll out. And Twitter (TWTR) sank 20.5% on Friday, after a decline in monthly users and disappointing future guidance.
Exxon (XOM) also reported earnings and had an earnings miss. Exxon finished Friday with a loss of 2.8%. Chevron (CVX) had worse than expected earnings but finished the day with a 1.6% gain.
U.S. GDP took a bit of a backseat to the earnings action on Friday. But Advance GDP showed a 4.1% reading. Although below the 4.2% forecast, it’s the fastest pace of growth in almost 4 years.
Source: RockwellTrading by Markus Heitkoetter | Original Link