Major indices were in the red early on Friday after stocks staged a dramatic reversal to end the session sharply lower.
As of 1520 BST, the Dow Jones Industrial Average was down 1.08% at 34,417.64 and the S&P 500 was 0.80% weaker at 4,358.60, while the Nasdaq Composite came out the gate 0.28% softer at 13,137.15.
The Dow opened 375.17 points lower on Friday, extending losses recorded in the previous session.
Corporate earnings were in focus at the open, with American Express delivering earnings that beat Wall Street expectations thanks to a continued rebound in travel and improved spending trends among younger cardholders. The New York-based company posted $2.1bn in net income, or $2.73 on a per share basis, up from $2.2bn at the same time a year earlier and well ahead of consensus estimates for a reading of $2.40 per share.
Elsewhere, Verizon stock slipped early on Friday after the firm revealed it had earned an adjusted $1.35 per share in the first quarter, bang in line with estimates, while consumer products company Kimberly-Clark shares were in the green after posting better-than-expected quarterly earnings and revenue.
On the macro front, the S&P Global US Composite PMI came to 55.1 in April, down from 57.7 in March, according to a preliminary estimate, the lowest reading in three months, principally due to the impact of inflation on customer spending.
Stocks made an about-face turn on Thursday after Federal Reserve chairman Jerome Powell said there was a possibility that a larger-than-usual rate hike may be set for next month. Powell’s assertion that taming inflation was “absolutely essential” and that a 50-basis-point hike was on the table for May were still drawing an amount of investor attention at the start of trading on Friday.
In addition to Powell’s comments, Treasury yields were in focus early on Friday, with the yield on the benchmark 10-year Treasury note trading slightly higher at 2.891% prior to the open.
Dow Jones – Risers
Dow Chemical Co. (DOW) $70.82 1.88%
Boeing Co. (BA) $181.64 0.34%
Chevron Corp. (CVX) $164.85 0.16%
Honeywell International Inc. (HON) $230.94 0.00%
Dowdupont Inc. (DWDP) $30.52 0.00%
Apple Inc. (AAPL) $166.26 -0.10%
Microsoft Corp. (MSFT) $280.41 -0.14%
Intel Corp. (INTC) $47.35 -0.32%
Walmart Inc. (WMT) $159.30 -0.36%
Coca-Cola Co. (KO) $65.93 -0.43%
Dow Jones – Fallers
Verizon Communications Inc. (VZ) $52.38 -4.78%
Caterpillar Inc. (CAT) $226.71 -2.52%
Nike Inc. (NKE) $132.65 -2.07%
Goldman Sachs Group Inc. (GS) $328.23 -1.82%
Visa Inc. (V) $212.54 -1.81%
Unitedhealth Group Inc. (UNH) $528.20 -1.72%
Home Depot Inc. (HD) $305.10 -1.70%
International Business Machines Corporation (CDI) (IBM) $137.63 -1.59%
3M Co. (MMM) $149.38 -1.57%
Cisco Systems Inc. (CSCO) $51.98 -1.52%
S&P 500 – Risers
Svb Financial Group (SIVB) $569.00 13.09%
Kimberly-Clark Corp. (KMB) $139.07 8.56%
Twitter Inc (TWTR) $49.01 4.10%
United Airlines Holdings Inc (UAL) $52.89 4.01%
American Airlines Group (AAL) $20.95 3.64%
Allegion (ALLE) $115.65 3.18%
Schlumberger Ltd. (SLB) $41.90 3.08%
Clorox Co. (CLX) $151.20 2.06%
National Oilwell Varco Inc. (NOV) $19.83 1.95%
Northrop Grumman Corp. (NOC) $451.73 1.87%
S&P 500 – Fallers
Gap Inc. (GPS) $11.60 -18.82%
Intuitive Surgical Inc. (ISRG) $262.25 -10.97%
Universal Health Services Inc. (UHS) $140.70 -8.93%
DaVita Inc (DVA) $116.48 -5.04%
Allstate Corp (The) (ALL) $134.19 -4.92%
Verizon Communications Inc. (VZ) $52.38 -4.78%
Stryker Corp. (SYK) $257.98 -4.46%
Edwards Lifesciences Corp. (EW) $120.08 -4.40%
Danaher Corp. (DHR) $267.78 -3.76%
Zimmer Biomet Holdings Inc (ZBH) $126.75 -3.73%
Nasdaq 100 – Risers
JD.com, Inc. (JD) $53.39 5.31%
NetEase Inc. Ads (NTES) $89.66 4.62%
Trip.com Group Limited (TCOM) $22.52 4.48%
American Airlines Group (AAL) $20.95 3.64%
Baidu Inc. (BIDU) $119.20 2.79%
Netflix Inc. (NFLX) $221.71 1.60%
Electronic Arts Inc. (EA) $125.43 1.37%
Take-Two Interactive Software Inc. (TTWO) $133.02 1.14%
Tesla Inc (TSLA) $1,019.89 1.10%
Booking Holdings Inc. (BKNG) $2,251.22 0.53%
Nasdaq 100 – Fallers
Intuitive Surgical Inc. (ISRG) $262.25 -10.97%
Paychex Inc. (PAYX) $134.24 -2.95%
Hologic Inc. (HOLX) $75.25 -2.36%
DENTSPLY Sirona Inc. (XRAY) $41.10 -2.35%
O’Reilly Automotive Inc. (ORLY) $712.21 -2.19%
Dollar Tree Inc (DLTR) $169.32 -2.16%
Illumina Inc. (ILMN) $328.65 -2.13%
Idexx Laboratories Inc. (IDXX) $482.18 -2.10%
T-Mobile Us, Inc. (TMUS) $129.33 -2.10%
Align Technology Inc. (ALGN) $375.70 -2.07%
