Stocks in Danger of Adding to 3-Day Losing Streak - InvestingChannel

Stocks in Danger of Adding to 3-Day Losing Streak

Stocks were lower on Friday as the S&P 500 tried to avoid a third down week in a row, amid busy earnings and rising bond yields.

The Dow Jones Industrials continued their plunge, losing 350.46 points, or 1%, to 34,442.30.

The S&P 500 skidded 28.41 points to 4,365.25.

The NASDAQ Composite reversed course and moved higher 8.99 points to 13,183.65.

For this week, the Dow is down 0.07% and on pace for its third losing week in a row. The S&P is down 0.8% on the week and attempting to break a two-week losing streak. The NASDAQ is down 1.6% week to date, on track to post its third negative week in a row.

Meanwhile, earnings season continues with mixed results, though they remain a tailwind for stocks, analysts say.

Health-care stocks led S&P 500 declines Friday. HCA Healthcare dropped 15% on weak full-year earnings and revenue guidance. Intuitive Surgical fell 10%, and Universal Health Services dipped 9%.

Snap shares fell 3% as the social media platform reported first-quarter revenue short of expectations even after showing strong growth in daily users.

Gap shares plunged 13% after the company announced the CEO of its Old Navy division, Nancy Green, is leaving the business this week. Gap also slashed its outlook for net sales growth in fiscal 2022.

American Express shares were down slightly despite the company reporting quarterly earnings and revenue beats. Verizon shares fell almost 3% after the company reported a loss of 36,000 monthly phone subscribers in the first quarter.

Treasury prices were unchanged, keeping yields at Thursday’s 2.89%.

Oil prices subtracted $1.09 at $102.70 U.S. a barrel.

Gold prices dipped $1.30 to $1,946.90 U.S. an ounce.

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