Stocks Slide After 3-day Win Streak
Stocks slipped on Friday following a three-day winning streak on Wall Street as investors weigh earnings from a major tech company and lingering trade fears.
The Dow Jones Industrials slumped 316 points to 39,777.40
The S&P index declined 19.09 points, or 2%, to 5,484.78
The NASDAQ Composite decreased 16.01 points to 17,150.04.
The moves come after what has been a solid weekly performance for the market. The S&P 500 has taken on 3.8% and the NASDAQ is up 5.4% this week. The Dow has climbed 2%.
Alphabet jumped 2% after the Google-parent and “Magnificent Seven” name reported a beat on the top and the bottom line for the first quarter. By contrast, Intel fell 8% after offering disappointing guidance and revealing that it plans to slash operational and capital expenses.
Sentiment was hurt a bit Friday after comments from President Donald Trump were published by Time magazine. The president said he would consider it a “total victory” if the U.S. has high tariffs of 20% to 50% on foreign countries a year from now. Trump also denied that rising yields forced his hand in granting a 90-day pause on most of the higher tariff rates.
Prices for the 10-year Treasury gained ground Friday, lowering yields to 4.28% from Thursday’s 4.31%. Treasury prices and yields in opposite directions.
Oil prices hesitated 16 cents to $62.63 U.S. a barrel.
Prices for gold stumbled $57.70 to $3,290.90 U.S.
