MARKET SNAPSHOT: Nasdaq Sets Intraday Record, But Broader Market Struggles To Take Flight
U.S. stocks look set for weekly, monthly gains
U.S. stocks struggled for altitude early Friday, but the Nasdaq touched a fresh intraday record, as investors took a cautious stance ahead of the weekend marking President Donald Trump's 100th day in office on Saturday, with the threat of a government shutdown looming.
Also capping equity gains was a disappointing reading of first-quarter gross domestic product, the official scorecard of the U.S. economy, which showed the slowest pace of growth in 3 years.
Read:Here's what would happen during a government shutdown (http://www.marketwatch.com/story/heres-what-would-happen-during-a-government-shutdown-2017-03-29)
(http://www.marketwatch.com/story/heres-what-would-happen-during-a-government-shutdown-2017-03-29)The Nasdaq Composite Index rose 9 points, or 0.1%, to 6,064, briefly touching an intraday high at 6,074.04. Tech heavyweights Amazon.com Inc.(AMZN) and Alphabet Inc.(GOOGL) (GOOGL) shares rallied sharply after upbeat earnings on Thursday after the market close, helping the tech-heavy index. For the week and for the month, the Nasdaq was set for a 2.5% climb.
The S&P 500 index was off by less than a point at 2,388 with six of the 11 main sectors trading lower. Telecoms and materials were leading losses, while energy and tech stocks trading in the green. The index is set to book a 1.7% weekly gain and is up 1.1% over the month.
The Dow Jones Industrial Average dipped 17 points, to 20,965, but is up 2% for the week and set to end the month with a 1.5% gain.
Stock movers:Colgate-Palmolive Co. (CL) reported revenue below forecasts, sending its shares down 2%.
VF Corp. (VFC) fell 3.4 after the Wrangler and North Face parent missed profit expectations (http://www.marketwatch.com/story/wrangler-and-north-face-parent-vf-corp-misses-profit-and-sales-expectations-2017-04-28).
Oil heavyweights Exxon Mobil Corp.(XOM) and Chevron Corp.(CVX) reported earnings above estimates, sending their shares 1% higher.
Goodyear Tire & Rubber Co.(GT) shares rose 3% as the company beat earnings estimate, even as revenue sales disappointed.
Shares of Qualcomm Inc.(QCOM) were 3% lower after the chip maker issued a profit warning, citing a longstanding patent-dispute with Apple Inc., which it says is withholding payments (http://www.marketwatch.com/story/qualcomm-issues-profit-warning-blames-apple-2017-04-28) on sales in the quarter ended in March.
Shares of Western Digital Corp.(WDC) surged 3.4% after the computer-data storage company late Thursday reported revenue and profit that topped forecasts.
Intel Corp.(INTC) slid 3% even after it reported a 45% jump in quarterly earnings (http://www.marketwatch.com/story/intel-shares-fall-but-pc-sales-help-earnings-rise-2017-04-27) late Thursday. (http://www.marketwatch.com/story/intel-shares-fall-but-pc-sales-help-earnings-rise-2017-04-27)
Starbucks Corp.(SBUX) lost 2.7% in the early going after the coffee chain's revenue targets fell short of consensus forecasts (http://www.marketwatch.com/story/starbucks-shares-slip-as-revenue-falls-short-of-street-view-2017-04-27).
Shares of GoPro Inc.(GPRO) skidded 6.6% even as the action camera maker late Thursday reported better-than-expected first-quarter results (http://www.marketwatch.com/story/gopros-stock-jumps-after-results-outlook-beat-expectations-2017-04-27) and second-quarter outlook.
Economic data: A first reading on U.S. economic growth in the first quarter (http://www.marketwatch.com/story/us-economy-posts-slowest-growth-in-three-years-first-quarter-gdp-shows-2017-04-28)at a 0.7% rate was below forecasts, but the early market reaction to the report was muted.
The employment cost index jumped 0.8% in the first three months of 2017.
A reading of consumer sentiment for April was at 97 versus an initial reading of 98, but the gauge of confidence was up from 96.9 reading in March.
See:
"This is the first quarter under President Trump and traders will be looking to see if his impact on the economy has been as positive as his impact on the stock market," said Colin Cieszynski, chief market strategist at CMC Markets.
At 1:15 p.m., Federal Reserve Governor Lael Brainard is slated to speak about "fintech and the future of finance" at Northwestern's business school, while the Philly Fed's Patrick Harker will talk in Washington, D.C., at 2:30 p.m. Eastern about "how [ Science, technology, engineering, and mathematics] can get you anywhere."
Other markets: Crude-oil prices rebounded on Friday (http://www.marketwatch.com/story/oil-prices-climb-over-1-rebounding-from-latest-bout-of-selling-2017-04-28), up 1% after settling at their lowest level in about a month on Thursday.
Gold and other metals were slightly higher (http://www.marketwatch.com/story/gold-firms-ahead-of-gdp-report-but-on-track-for-more-than-1-weekly-drop-2017-04-28), while the dollar retreated against most other major currencies.
Asian stock markets (http://www.marketwatch.com/story/asian-markets-retreat-as-investors-show-caution-2017-04-27) closed mixed, while European equities were mostly lower (http://www.marketwatch.com/story/european-stocks-drop-for-second-day-ahead-of-top-tier-data-2017-04-28).
--Barbara Kollmeyer contributed to this article
(END) Dow Jones Newswires
April 28, 2017 10:11 ET (14:11 GMT)