S&P 500 Falls, Heads for Worst Week in Nearly 2 Months
U.S. stocks were lower Friday morning after a batch of disappointing quarterly reports, as Wall Street heads for a weekly loss.
The broad index shed 0.2%, while the Nasdaq Composite slipped 0.5%.The Dow Jones Industrial Average also added 2 points, trading near flat.
All major averages are on track to end the week with losses. Down 1.3% this week, the S&P 500 is poised to snap its two-week winning streak and post its worst weekly performance since December. TheDowandNasdaq Composite are on pace to lose 0.7% and 1.8%, respectively.
“This week has been more of a recovery — a more normalization, in our eyes — that it’s not baked in, necessarily, that a soft landing is in the cards,” said Stephanie Lang, chief investment officer at Homrich Berg.
Ride-hailing platform Lyft tanked more than 30% in premarket trading after a disappointing fiscal fourth-quarter report.Expedia also saw its shares fall by 2% after its earnings and revenue fell below analysts’ expectations.
Those are the latest reports in what has been considered an underwhelming quarter for Wall Street. With nearly 70% S&P 500 companies reporting, around 70% of those companies beat analyst expectations for the quarter. That’s a smaller share of companies surpassing expectations than the three-year historical average of 79%, according to The Earnings Scout.
Investors will seek more detail on the central bank’s policy from Fed Governor Christopher Waller and Philadelphia Fed President Patrick Harker. Both are slated to speak on Friday afternoon.
On the economic data front, the University of Michigan will issue its preliminary consumer sentiment reading for February.
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