U.S. equity markets ended mixed as tech stocks continued to see profit-taking.
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|I:COMP||NASDAQ COMPOSITE INDEX||13280.908906||-345.16||-2.53%|
Amazon Inc., Facebook Inc. and Google Inc. all declined, helping push the Nasdaq Composite down 0.57% on Friday and extending its weekly loss to 4.1%.
|I:DJI||DOW JONES AVERAGES||30311.39||-625.65||-2.02%|
The Dow Jones Industrial Average posted a gain of 130 points, or 0.48%, led by Caterpillar Inc. and Coca-Cola Co., helping offset declines in Apple Inc. and Microsoft Microsoft Corp. The S&P 500 , meanwhile, finished little changed.
For the week, the Dow fell 1.7% and the S&P 500 lost 2.5%.
Tesla Inc. shares, which had an active five-days, posted a modest gain. Still, the stock lost about 10% for the week.
Electric-truck maker Nikola Corp. was in focus a day after short-seller Hindenburg Research accused the company of conning General Motors into a partnership. Nikola CEO Trevor Milton said the company had retained law firm Kirkland & Ellis to address the matter and would take its concerns to the SEC.
|GM||GENERAL MOTORS COMPANY||49.28||-2.76||-5.30%|
Elsewhere, JPMorgan Chase & Co. ordered senior employees who work in sales and trading to return to the office beginning Sept. 21, winning a complimentary tweet from President Trump.
Goldman Sachs is also ramping up plans for a return to the office.
|JPM||JP MORGAN CHASE & CO.||127.45||-4.13||-3.14%|
|GS||GOLDMAN SACHS GROUP INC.||272.91||-8.85||-3.14%|
Looking at earnings, Oracle Corp. returned to growth as both earnings and revenue outpaced Wall Street estimates.
Online pet food supplier Chewy Inc.’s quarterly loss narrowed as both top- and bottom-line results topped expectations amid a surge in demand amid the COVID-19 pandemic.
Looking at commodities, West Texas Intermediate crude oil closed up 3 cents at $37.33 per barrel and gold was down $16.40 at $1,937.80 per barrel.
U.S. Treasurys ticked lower, pushing the yield on the 10-year note up to 0.668%.
In Europe, Britain’s FTSE climbed 0.48%, France’s CAC edged up 0.2% and Germany’s DAX slipped 0.05%.
Asian markets were higher across the board with China’s Shanghai Composite gaining 0.79%, Hong Kong’s Hang Seng advancing 0.78% and Japan’s Nikkei adding 0.74%.