|I:DJI||DOW JONES AVERAGES||34021.45||+433.79||+1.29%|
The Dow Jones Industrial Average fell 181 points, or 0.53%, while the S&P 500 and the Nasdaq Composite were weaker by 0.72% and 0.85%, respectively.
Both the S&P and the Nasdaq slid off record highs after data showed personal income soared a record 21.1% month over month in March. Consumer spending, which accounts for two-thirds of U.S. economic activity, rose 4.2%. Both numbers were ahead of estimates.
Still, for the month of April both gained over 5%, while the Dow rose nearly 3%.
In stocks, Amazon Inc. reported quarterly sales surged 44% year over year as consumers continued to shop from home amid the pandemic. The company’s second-quarter sales guidance exceeded Wall Street estimates.
Twitter Inc. shares were sharply lower after the social-media company reported daily active user totals that fell short of analysts’ expectations and provided disappointing revenue guidance for the current quarter.
Elsewhere in tech, Apple Inc. distorted competition in the music streaming market, the European Union said Friday in a preliminary ruling. The tech giant, which could face a fine of as much as $27 billion, must respond to the EU in writing or at an oral hearing.
Meanwhile, Chevron Corp. announced quarterly profit fell 29% versus last year as winter storms resulted in reduced production and lower margins. The company also suffered as asset and tax benefits realized a year ago were no longer applicable.
Exxon Mobil Corp. also reported, posting a $2.7 billion profit in the quarter, reversing a $610 million loss during the same period a year ago.
|XOM||EXXON MOBIL CORP.||59.32||-0.66||-1.10%|
Clorox Co. reported mixed quarterly results and trimmed its fiscal 2021 earnings forecast due to higher manufacturing, commodity and logistics costs.
On Saturday, the Warren Buffett-led Berkshire Hathaway Inc. will hold its annual shareholder meeting with investors on the lookout for the company’s succession plans.
In commodities, West Texas Intermediate crude oil fell $1.43 to $63.58 per barrel and gold ticked down 80 cents to $1,767.30 per ounce.
Overseas markets were mostly lower.
In Europe, France’s CAC 40 slid 0.53% and Germany’s DAX 30 lost 0.12% while Britain's FTSE 100 added 0.12%.
Asian markets finished weaker across the board with Hong Kong’s Hang Seng index falling 1.97%, Japan’s Nikkei 225 declining 0.83% and China’s Shanghai Composite sinking 0.81%.