Stocks finish mixed after China's Evergrande misses payment

Nike cuts full-year revenue outlook due to supply chain disruptions, labor shortages

U.S. stock indexes finished mixed on Friday as worries continued to swirl over the fate of embattled Chinese property developer Evergrande. 

Evergrande missed a Thursday deadline to make an $83.5 million interest payment. The company is now in a 30-day grace period that ends in default if the payment is not made.

The Dow Jones Industrial Average swung between gains and losses all session long before closing up 32 points, or 0.09%, while the S&P 500 index added 0.15% and the Nasdaq Composite index lost 0.03%. All of the major averages posted gains for the week after falling between 1.7% and 2.2% on Monday amid Evergrande contagion concerns.  

Ticker Security Last Change Change %
I:DJI DOW JONES AVERAGES 35741.15 +64.13 +0.18%
SP500 S&P 500 4566.48 +21.58 +0.47%
I:COMP NASDAQ COMPOSITE INDEX 15226.706157 +136.51 +0.90%

The major averages on Thursday capped off a second day of strong gains after the Federal Reserve laid out its plans for potentially beginning to taper its asset purchases later this year and begin raising interest rates next year. 

In stocks, Nike Inc. cut its full-year revenue forecast as the sneaker giant grappled with supply chain disruptions and labor shortages. Quarterly earnings topped estimates while sales came up a bit short. 

Ticker Security Last Change Change %
NKE NIKE, INC. 164.22 +0.74 +0.45%

Costco Wholesale Corp. said it would limit purchases on household essentials, including toilet paper, paper towels and bottled water, amid rising COVID-19 cases. The membership-only retailer reported earnings and revenue that exceeded Wall Street estimates. Shares closed at a fresh record. 

Ticker Security Last Change Change %
COST COSTCO WHOLESALE CORP. 490.10 +8.11 +1.68%

Elsewhere, IAC/Interactive Corp. is in advanced talks to acquire media conglomerate Meredith Corp. in a deal valued at more than $2.5 billion, according to a report from The Wall Street Journal. 

Ticker Security Last Change Change %
IAC IAC/INTERACTIVECORP. 156.76 +4.42 +2.90%
MDP MEREDITH CORP. 58.48 +0.08 +0.14%

Coinbase Global Inc. and other crypto-related names were under pressure as bitcoin slid by about 5% to below $42,000 a coin after Bloomberg reported China said all crypto transactions are illegal. 

Ticker Security Last Change Change %
COIN COINBASE GLOBAL, INC. 325.54 +24.70 +8.21%

And Salesforce continued its ascent registering its first record close in about a year after boosting its outlook. 

Ticker Security Last Change Change %
CRM SALESFORCE.COM, INC. 293.92 +1.36 +0.46%

In commodities, West Texas Intermediate crude oil added 68 cents to $73.98 a barrel and gold rose $2 to $1,749.70 an ounce.

Overseas markets were mostly lower as Evergrande’s missed payment spooked investors.  

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European bourses were weaker across the board with France’s CAC 40 falling 0.95%, Germany’s DAX 30 dropping 0.72% and Britain’s FTSE 100 slipping 0.38%. 

In Asia, Hong Kong’s Hang Seng index lost 1.3% and China’s Shanghai Composite index declined 0.8%. Japan’s Nikkei outperformed, rising 2.06%.