The S&P 500 index closed out an uneven week of trading on Wall Street with its second straight weekly gain, even though stock indexes ended lower Friday.
Technology companies led the slide, erasing some of the market’s gains from a day earlier. Micron Technology dropped 4.5% and Nvidia fell 2%.
Investors continued to focus on company earnings reports. They’re searching for a clearer picture on the impact that the trade war between the U.S. and China is having on corporate profits and the broader economy. Analysts expect profit to contract by nearly 5% for companies within the S&P 500, according to FactSet. Still, forecasts for declines in the first and second quarters were tempered as reporting progressed and companies finished those earnings seasons with tiny contractions instead.
The S&P 500 index fell 11.75 points, or 0.4%, to 2,986.20. The index is just 1.3% below its all-time high set in late July. The Dow Jones Industrial Average dropped 255.68 points, or 1%, to 26,770.20. The Nasdaq lost 67.31 points, or 0.8%, to 8,089.54. The Russell 2000 index of smaller stocks gave up 6.36 points, or 0.4%, to 1,535.48.
Bond prices were little changed Friday. The yield on the 10-year Treasury held steady at 1.75%.
Benchmark crude oil fell 15 cents to settle at $53.78 a barrel Friday. Brent crude oil, the international standard, dropped 49 cents to close at $59.42 a barrel
Oracle exec dies: Co-CEO Mark Hurd, who led two Silicon Valley giants, has died at 62. Oracle confirmed his death Friday but gave no cause. Hurd was on medical leave, which Oracle announced in September. During his career, Hurd ran both Oracle and computer and printer maker Hewlett-Packard. Hurd joined Oracle as co-president in 2010 a month after leaving HP. He resigned from HP following accusations of sexual harassment by a female contract worker.
GM strike: Striking General Motors workers will stay on the picket lines for at least another week until they vote on a tentative contract with the company. Factory-level officials from the United Auto Workers union voted to recommend the agreement to members at a daylong meeting in Detroit Thursday. But they also voted not to return to factories unless members approve the deal. About 49,000 workers have been on strike for more than a month, paralyzing GM’s U.S. factories and costing the company an estimated $2 billion.
Zantac recalled: Sanofi is recalling its over-the-counter heartburn drug Zantac in the U.S. and Canada because of possible contamination. The French company Friday joined other drugmakers that have recently recalled their versions of the popular heartburn and ulcer drug. In September, the Food and Drug Administration said a potentially cancer-causing chemical had been detected at low levels in prescription and over-the-counter versions of Zantac. The federal agency said consumers could consider taking another heartburn medicine or contact their doctor.
Powder recall: J&J: Johnson & Johnson on Friday recalled a single batch of its baby powder as a precaution after government testing found trace amounts of asbestos in one bottle bought online. The recalled lot consists of 33,000 bottles which were distributed last year. The recalled lot of 22-ounce bottles is #22318RB. Consumers who have a bottle from that lot should stop using it; refunds are available through the company’s website.
— Compiled from news service report.
