Following the market opening Friday, the Dow traded down 0.16 percent to 21,760.99 while the NASDAQ declined 0.38 percent to 6,357.79. The S&P also fell, dropping 0.34 percent to 2,466.93.
Leading and Lagging Sectors;
In trading on Friday, technology shares fell 0.45 percent. Meanwhile, top losers in the sector included MicroStrategy Incorporated MSTR 23.87%, down 22 percent, and Ellie Mae Inc ELLI 17.97%, down 19 percent.
Amazon.com, Inc. AMZN 2.85% reported weaker-than-expected earnings for its second quarter, while sales exceeded estimates.
Amazon reported Q2 earnings of 40 cents per share, which doesn’t compare to analyst estimates of $1.42; The company reported EPS of $1.78 in the year-ago period. Sales came in ahead of predictions at $38 billion, beating consensus estimates by $820 million.
The e-commerce giant forecasts FY 2017 sales of $39.25 billion-$41.75 billion, against estimates of $39.9 billion.
Equities Trading UP;
Cesca Therapeutics Inc KOOL 7.56% shares shot up 9 percent to $3.75 after the company reported the issuance of new cellular processing patent.
Shares of ArcBest Corp ARCB 22.56% got a boost, shooting up 24 percent to $26.62 as the company reported upbeat Q2 earnings.
Boston Beer Company Inc SAM 19.28% shares were also up, gaining 19 percent to $160.95 as the company posted better-than-expected quarterly results.
Equities Trading DOWN;
Destination Maternity Corp DEST 42.19% shares dropped 42 percent to $1.73. Destination Maternity and Orchestra-Prémaman reported termination of merger.
Shares of Meta Financial Group Inc. CASH 22.82% were down 24 percent to $70.20. Meta Financial reported Q3 net income of $9.8 million on revenue of $59.7 million. FBR Capital downgraded Meta Financial from Outperform to Market Perform..
CyberOptics Corporation CYBE 21.99% was down, falling around 23 percent to $18.20 as the company reported downbeat Q2 earnings.
In commodity news, oil traded up 0.33 percent to $49.20 while gold traded up 0.30 percent to $1,270.30.
Silver traded up 0.62 percent Friday to $16.675, while copper fell 0.16 percent to $2.873.
European shares were lower today. The eurozone’s STOXX 600 dropped 0.92 percent, the Spanish Ibex Index fell 0.50 percent, while Italy’s FTSE MIB Index dropped 0.84 percent. Meanwhile the German DAX declined 0.43 percent, and the French CAC 40 slipped 1.18 percent while U.K. shares fell 0.75 percent.
U.S. economy expanded at an annual rate of 2.6 percent in the second quarter, versus economists’ expectations for a 2.6 percentgrowth.
The final reading of the University of Michigan’s consumer sentiment index increased to 93.4 in July, versus a preliminary reading of 93.1. Economists expected a reading of 93.1.
The Baker Hughes North American rig count report for the latest week is schedule for release at 1:00 p.m. ET.
Minneapolis Federal Reserve Bank President Neel Kashkari is set to speak in Oakdale, Minnesota at 1:20 p.m. ET.