US stocks open weak, Nasdaq & S&P hold modest weekly gains

Haresh Menghani FXStreet

Major US equity indices witnessed a weaker opening on the last trading day of the week and were being weighed down by disappointing quarterly earnings reports from industrial heavyweight General Electric.

Shares of GE tumbled 4.51% after the outgoing CEO Jeff Immelt gave a downbeat outlook, while Microsoft shares fell 0.5% despite forecast-beating earnings. In absence of any economic data to focus on, the spotlight would remain on the incoming earning reports from big tech names next week, including Amazon, Google and Facebook.

• US Stocks: Strong second quarter earnings continue to beat expectations

At the time of writing, the Dow Jones Industrial Average was down over 65-points to 21,545, while the broader S&P 500 Index dipped nearly 5-points to 2,468. Meanwhile, a record setting rally in technology stocks stalled on Friday, with tech-heavy Nasdaq Composite losing around 13-points to 6,377.

With one full trading session to go, both the Nasdaq and the S&P 500 have gained in excess of 1% and 0.5%, respectively for the week, while the Dow is holding flat on a weekly basis.

Author

Haresh Menghani

FXStreet

Haresh Menghani is a detail-oriented professional with 10+ years of extensive experience in analysing the global financial markets.

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