Wall Street was ended Friday’s session weaker, as U.S. Q1 economic growth cooled to the slowest pace in three years and geopolitical concerns reemerged. But the equity benchmarks still ended April with monthly gains as corporate earnings gave support.
The Dow Jones Industrial Average saw almost two-thirds of its components decline during Friday’s session, but the index was set for a gain of about 1.3% in April. The Nasdaq Composite, which posted three record highs this week, was flat on Friday but jumped 2.3% in the month. The S&P 500’s monthly increase was about 1%. On Friday, telecoms led declines among the 11 sectors, shedding 1.1%. Financials were down 1%
With corporate earnings season underway, April saw about half of the S&P 500 companies reporting, with 76% beating estimates on earnings, according to the Earnings Scout. On sales, 69% topped expectations.
The strong earnings helped counter growing concerns about U.S. international relations, with President Donald Trump saying in an interview with Reuters to mark 100 days in office he sees possibility of a major conflict with North Korea over its weapons programs. Also, the Associated Press reported the U.S. was deploying troops along the Syrian border with Turkey.
On Friday, data showed U.S. economic growth slid to its slowest pace in three years in Q1 as softer personal consumption expenditures and private investment offset the impact of rising exports of goods and services. Real GDP rose 0.7% compared to 2.1% in Q4.
Monday’s calendar has March personal income, outlays and personal consumption expenditures at 8:30 a.m. ET. The final April Markit manufacturing Purchasing Managers’ Index at 9:45 a.m., March construction spending and April Institute for Supply Management manufacturing PMI due at 10 a.m.
Here’s where the markets stood by the close:
Dow Jones Industrial Average was down 40.82 points (-0.19%)
S&P 500 was down 4.57 points (-0.19%)
Nasdaq Composite Index was down 1.33 points (-0.02%)
FTSE 100 was down 0.46%
Nikkei 225 was down 0.29%
Hang Seng Index was down 0.34%
Shanghai China Composite Index was up 0.08%
(+) CVM (+15.68%) European Patent Office grants patent covering Multikine for head and neck cancers
(+) AAN (+11.9%) Q1 earnings and sales beat expectations
(+) MTRN (+7%) Posts Q1 beat
(+) SRPT (+4.4%) Q1 revenue beat expectations
(+) WDC (+3.9%) Reported better-than-expected Q1 EPS and sales
(-) VNCE (-29.6%) Missed Q4 EPS estimates
(-) BCEI (+35.9%) Completes prepackaged restructuring and emerges from Chapter 11
(-) FCEL (-28.1%) Priced $15.4 million public stock offering
(-) TIME (-17.1%) Abandoned plan to sell itself, focusing instead on its own strategic plans
(-) KBR (-9.2%) UK’s Serious Fraud Office opens probe
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