S&P, NASDAQ Post Worst Week Since May
July 19,2019 4:26 PM EST
Stocks fell on Friday and posted weekly losses as investors digested a slew of corporate earnings reports and remarks from a top Federal Reserve official.
The Dow Jones Industrial Average went down 65.38 points to 27,157.59, a drop of 174.4 points on the week
The S&P 500 shed 18.5 points to 2,976.61, a drop on the week of 37.16 points, or 1.23%
The NASDAQ Composite skidded 60.75 points to 8,146.49, falling on the week 97.65 points, or 1.2%
The indexes lost most of their earlier gains after Iran said it captured a British oil tanker.
Microsoft shares rose 0.15% after the company dubbed "Mr. Softee" posted quarterly earnings and revenue that topped analyst expectations. The company''s results were driven by a 39% year-over-year surge in cloud revenue.
American Express, another Dow component, also reported better-than-expected earnings. However, the company''s stock slipped 2.5%.
More than 15% of S&P 500 companies have reported earnings thus far. Of those companies, 79% have posted a better-than-expected profit
Stocks eked out small gains in the previous session after New York Federal Reserve President John Williams said the central bank needed to “act quickly” when the economy was slowing and rates were low, adding in a speech that it is “better to take preventative measures than wait for disaster to unfold.”
However, a spokesperson for the New York Fed moved to cool the speculation arising from Williams'' comments, telling the media that he was drawing from academic research, not hinting at potential policy actions at the upcoming Federal Open Market Committee meeting.
Prices for the benchmark 10-year U.S. Treasury lost ground, boosting yields to 2.05% from Thursday''s 2.03%. Treasury prices and yields move in opposite directions.
Oil prices regained 79 cents at $56.09 U.S. a barrel.
Gold prices sagged $1.60 to $1,426.50 U.S. an ounce.
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