Here Are 4 Hot Things to Know About Stocks Right Now
- The S&P 500 and Nasdaq traded lower Friday for the second time in five sessions.
- The Dow Jones Industrial Average declined Friday for the third day in a row.
- Despite declines Friday, the three U.S. benchmark stock indexes finished higher for the week. The Dow rose 0.42% for the week, the S&P 500 gained 0.52% and the Nasdaq increased 0.56%.
- The Dow is now more than 2,100 points below its all-time high of 26,616 on Jan. 26.
Wall Street Overview
The Dow Jones Industrial Average declined 201 points, or 0.82%. The S&P 500 fell 0.85% and the Nasdaq dropped 1.27%.General Electric reported first-quarter adjusted profit of 16 cents a share, topping Wall Street forecasts of 12 cents. Revenue for the company came in at $26.87 billion, below estimates of $27.6 billion. The stock jumped 3.9% on Friday.
Apple was down 4.1%, continuing declines from a day earlier after supplier Taiwan Semiconductor Manufacturing Co. (TSM) issued a weak forecast, suggesting that iPhone X sales have come under pressure.
Schlumberger NV (SLB) posted first-quarter adjusted earnings of 38 cents a share, beating estimates by 1 cent. Revenue of $7.83 billion also topped analysts' views. The stock was down 1.48%.WFC) agreed to pay a fine of $1 billion by the Consumer Financial Protection Bureau and the Office of the Comptroller of the Currency for lending abuses in its auto insurance and mortgage lending businesses. Shares rose 1.9%.
Chipmaker Qualcomm Inc. (QCOM) has begun to lay off employees in an effort to shed $1 billion in expenses. Qualcomm will cut more than 4% of its workforce starting in June, according to documents filed California's Employment Development Department. More than 1,500 layoffs will be in California, including San Diego, where the company's headquarters are located.