NEW YORK, United States (AFP) — Wall Street stocks fell modestly Friday on mixed earnings and lower oil prices, ending Nasdaq’s streak of 10 straight gains that included three straight closing records.
Petroleum-linked shares including Dow member Chevron and Halliburton fell as oil prices dropped on worries about excess supply.
General Electric was the biggest loser in the Dow, tumbling 2.9 percent after signaling it expects 2017 earnings to be on the low end of expectations due to continued weakness in its power, and oil and gas divisions.
Analysts said profit-taking also played a role in the declines after all three indices hit records earlier in the week.
The Dow Jones Industrial Average shed 0.2 percent to end the week at 21,580.07.
The broad-based S&P 500 dropped slightly to close at 2,472.54, while the tech-rich Nasdaq Composite Index dropped less than 0.1 percent to 6,387.75, retreating from its record.
Microsoft reported net income for the quarter ending June 30 more than doubled to $6.5 billion on strong gains in cloud computing. The company’s shares fell 0.6 percent, with analysts pointing to the stock’s strong gains over the last year.
Schlumberger dropped 0.7 percent after reporting a second-quarter loss of $74 million. However, the oil services giant reported an uptick in activity in several international markets.
Capitol One shot up 8.6 percent after reporting that second-quarter net income rose 6.2 percent from the year-ago period to $1.0 billion.
Among others to report earnings, eBay lost 1.5 percent, Colgate-Palmolive gained 1.6 percent and Honeywell International won 1.0 percent.
© Agence France-Presse
