Tech, energy shares in stock market tug of war

It was a mixed bag for U.S. stocks Friday, as a rough day for energy shares weighed on the market.

The Dow Jones Industrial Average ticked 11.15 points lower, or 0.05%, to 24,311.19. The S&P 500 rose 2.97 points, or 0.1%, to 2,669.91. The Nasdaq Composite was up 1.12 points, or 0.02%, at 7,119.80.

The energy sector was the top laggard in the S&P, posting a loss of 1.2% on the day. The selloff was driven by Exxon Mobil. The largest U.S. oil company missed estimates for first-quarter earnings on weaker results in its refining business. Exxon, a Dow member, fell 3.7%.

Winners in Friday’s session included Amazon and Microsoft, which were boosted by better-than-expected earnings. Amazon, which touched all-time intraday highs, rallied 3.6% to become the second-largest company by market value.

Apple shares pulled back 1.2% amid ongoing investor concerns that the company will report disappointing iPhone X sales next week.

Cable operator Charter Communications dropped almost 12% after reporting subscriber losses.

For the week, all three major indexes recorded modest declines. The Dow was down roughly 0.6%, the S&P 500 fell 0.01% and the Nasdaq dropped 0.4%.

The latest batch of economic data showed a slight decrease in consumer confidence, while the latest U.S. GDP data included a reduction in consumer spending.

Ticker Security Last Change Change %
AMZN AMAZON.COM INC. 210.71 +2.82 +1.36%
MSFT MICROSOFT CORP. 430.98 +7.52 +1.78%
XOM EXXON MOBIL CORP. 117.83 -0.23 -0.19%

According to the Commerce Department, the U.S. economy expanded at a 2.3% annual pace in the first quarter of 2018, somewhat slower than in the prior three quarters, but better than the 2% economists polled by Reuters expected.

Meanwhile, the University of Michigan’s consumer confidence survey showed confidence retreated in April, but remained relatively high, at 98.8, compared with March’s 101.4.