The S&P 500 was down 0.7% over the past five days, the Dow Jones Industrial Average rose 0.09%, and the Nasdaq slid 1.3%.
The earnings season barreled forward over the past five days. The S&P 500 ended the week with nearly three-fifths of its companies having reported earnings. Of those that have reported, 73% have surpassed analysts' profit estimates, while more than half have exceeded sales forecasts. The third-quarter blended earnings growth estimate is 3%, on track to snap the longest earnings recession in seven years.
Apple, the world's largest company and heaviest weight on the S&P 500, reported its first quarterly sales decline in 15 years. The number of iPhones sold fell 5% from a year earlier, their third straight quarter in decline. The company forecast gross margins to decline to 38% in the first quarter, down from 40.1% a year earlier.
Amazon fell short of analysts' bottom-line forecasts. The e-commerce site earned 52 cents a share, three times profit in the year-ago quarter, but missed estimates of 78 cents. Amazon forecasts holiday quarter sales to grow between 17% and 27%, roughly in line with analysts' estimates.
In positive earnings news, Alphabet (GOOGL) - Get Report , Twitter (TWTR) - Get Report , and Tesla (TSLA) - Get Report each bested quarterly forecasts. Alphabet reported a 20% surge in revenue, driven by solid growth in advertising sales. Twitter exceeded earnings targets and outlined plans to cut 9% of its workforce. Tesla reported surprise profit in its third quarter, its first move into the green in more than three years.
Health care earnings were a mixed bag. Amgen (AMGN) - Get Report surpassed profit expectations in its third quarter and raised its earnings outlook, AbbVie (ABBV) - Get Report reported a mixed quarter in which earnings beat estimates but revenue fell short, and Celgene (CELG) - Get Report raised its forecasts for the year following a better-than-expected quarter.
Bristol-Myers (BMY) - Get Report topped third-quarter earnings and also laid out plains to reorganize, including redirecting spending towards key brands and streamlining certain operations. Biogen (BIIB) - Get Report said sales of its multiple sclerosis drugs Tecifidera and Tysabri rose 10% and 7%, respectively, boosting both earnings and revenue for its recent quarter.
Oil earnings were a good indication of how difficult operating in an environment of low oil prices can be. Exxon Mobil (XOM) - Get Report reported a 12% decline in quarterly revenue, while profit fell for its eighth straight quarter. Chevron (CVX) - Get Report also faced a tough quarter, reporting a 35% drop in net income and a 12% decline in revenue.
Oil suffered its first weekly loss since mid-September as skepticism grew over whether the world's major oil producers would agree upon a freeze agreement. The Organization of the Petroleum Exporting Countries is reportedly deadlocked in negotiations ahead of a weekend meeting in Vienna. Iraq, the second largest producer in the bloc, expressed reluctance earlier in the week in joining in on a deal.
West Texas Intermediate crude finished with weekly losses of roughly 4%, settling at $48.66 a barrel.
Wall Street trading turned volatile on Friday afternoon after federal investigators reopened a case into Democratic presidential candidate Hillary Clinton's email server. The Federal Bureau of Investigation found material on another device during an unrelated probe that related to the previously-closed Clinton case. The re-investigation comes just 11 days before voting for president begins.
FBI Director James Comey said investigators do not yet know whether the material will be significant. The FBI and Justice Department had previously declined to bring any charges against Clinton in a previous investigation of the private server.
Third-quarter GDP grew at a faster pace than expected, according to the first estimate of growth from the Bureau of Economic Analysis released on Friday morning. The U.S. economy grew at a 2.9% pace in the quarter, driven by a 2.1% increase in consumer spending. Analysts had anticipated growth of 2.5%. Business investment in equipment remained sluggish, falling 2.7%. The third-quarter estimates represents a significant pickup from 1.1% growth over the first half of the year.
"Confirmation of above-trend growth reinforces the economy's momentum in the third quarter, as already supported by strengthening labor market conditions," TD Securities analysts wrote in a note. "Today's data on economic growth conditions and wage trends keep the [Federal Reserve's] tightening bias intact, with a December meeting the most likely time for the next step in rate normalization."
The chances of a November rate hike currently sit at just 9%, according to CME Group Fed funds futures. December has a far better chance at 71%.