Advertisement
Canada markets closed

  • S&P/TSX

    21,807.37
    +98.93 (+0.46%)
     

  • S&P 500

    4,967.23
    -43.89 (-0.88%)
     

  • DOW

    37,986.40
    +211.02 (+0.56%)
     

  • CAD/USD

    0.7275
    +0.0012 (+0.16%)
     

  • CRUDE OIL

    83.24
    +0.51 (+0.62%)
     

  • Bitcoin CAD

    87,929.07
    +2,885.96 (+3.39%)
     

  • CMC Crypto 200

    1,371.97
    +59.34 (+4.52%)
     

  • GOLD FUTURES

    2,406.70
    +8.70 (+0.36%)
     

  • RUSSELL 2000

    1,947.66
    +4.70 (+0.24%)
     

  • 10-Yr Bond

    4.6150
    -0.0320 (-0.69%)
     

  • NASDAQ

    15,282.01
    -319.49 (-2.05%)
     

  • VOLATILITY

    18.71
    +0.71 (+3.94%)
     

  • FTSE

    7,895.85
    +18.80 (+0.24%)
     

  • NIKKEI 225

    37,068.35
    -1,011.35 (-2.66%)
     

  • CAD/EUR

    0.6824
    +0.0003 (+0.04%)
     

S&P 500 struggles for direction on mixed quarterly results

Investing.com
·2 min read

By Yasin Ebrahim

Investing.com -- The S&P 500 struggled for direction Friday, as investors weighed a surge in Amazon and mixed quarterly earnings ahead of results from big tech next week.

The S&P 500 rose 0.1%, the Dow Jones Industrial Average was flat, or 4 points higher, and the Nasdaq rose 0.2%.

Amazon.com (NASDAQ:AMZN) jumped more than 3% as its Whole Foods business is reportedly planning to cut hundreds of jobs as part of a restructuring.

Tesla (NASDAQ:TSLA), meanwhile, steadied after a slump a day earlier as the electric vehicle maker said it would hike prices in the U.S., just a day after slumping more than 10% following disappointing quarterly results.

ADVERTISEMENT

Still, the ongoing slew of mixed quarterly results weighed on investor sentiment, with materials the biggest loser on the day, driven by a slump in Freeport-McMoran Copper&Gold.

Freeport-McMoran Copper&Gold (NYSE:FCX) reported quarterly results that topped estimates, but profit more than halved and the mining company warned of a further impact from ongoing labor shortages, sending its shares more than 5% lower.

Regions Financial Corporation (NYSE:RF) reported first-quarter results that missed on the bottom line and a 3% slide in deposit.

In health care, HCA Holdings Inc (NYSE:HCA) jumped more than 4% as it upgraded its annual guidance after delivering quarterly results that topped estimates.

Tech, meanwhile, continued to stutter as investors await the quarterly results from big tech next week.

Alphabet Inc (NASDAQ:GOOGL) and Microsoft (NASDAQ:MSFT) kick off earnings for big tech on Tuesday.

Energy stocks sidestepped the uptick in oil prices as sentiment was soured by a more than 5% slump in Schlumberger NV (NYSE:SLB) as the oil field services company’s better-than-expected Q1 results were overshadowed by weaker margins and cashflow.

Free cash flow for the quarter fell $265 million, missing Goldman Sachs’ estimates of $772M, driven by “stronger than expected use of cash in working capital,” Goldman Sachs said.

On the economic front, manufacturing activity picked up in April, climbing to a reading of 50.4 from 49.2 previously, signaling a return to expansion. Services activity also inched higher to a reading of 53.7 from 52.6 last month.

Related Articles

SVB says CEO, CFO resigned this week

SQM, Albemarle shares slide as Chile targets state control over lithium