Stocks opened lower Friday, as early earnings results and weak action across global markets pressured the market.
The Dow Jones industrial average fell 0.2%, the S&P 500 futures 0.3% and the Nasdaq 0.4%. The Russell 2000 was off 0.7%.
The stock market entered today's session with the Dow up 0.9% for the week, leaning toward its third consecutive weekly advance. The S&P 500 showed a 0.5% gain, while the Nasdaq was down less than 0.1%. Both are within easy striking distance of a fifth straight weekly gain.
Early Movers: Goldman Sachs, Universal Display, MasTec
The Dow turned unanimously negative, with Goldman Sachs (GS) down 1% after a downgade to sell from Berenberg .
Universal Display (OLED) spiked 15% after reporting heavy fourth-quarter sales and earnings wins, and initiating a 3-cent per-share dividend. The stock is now extended from a 67.98 cup-with-handle buy point.
Retailers made some early waves as a pre-release of earnings guidance sent Restoration Hardware (RH) soaring 21%. Management offered a fourth-quarter earnings range with a midpoint above analyst consensus targets, and authorized a $300 million share-buyback initiative.
Urban Outfitters (URBN) rose 1%. Department store Nordstrom (JWN) popped 4% following a mixed fourth-quarter report late Thursday. Foot Locker (FL) leapt 7% on healthy Q4 results.
Fiber optic components maker Acacia Communications (ACIA) swooned 14%, despite a strong fourth-quarter report, as first-quarter guidance disappointed investors.
Hewlett Packard Enterprise (HPE) veered 8 lower. The cloud and information technology services provider of the divided computer giant reported mixed fiscal first-quarter results and weaker-than-expected guidance. The stock sank more than 8% from a cup base buy point of 24.89, although shares made only a tentative move above that entry.
Construction and engineering heavyweights MasTec (MTZ) and KBR (KBR) headed different directions after earnings reports.
MasTec spiked 8% as earnings rose 233% and revenue climbed 31%, both above analyst expectations. A 41 buy point in a cup base remains in play, but the stock tripped an automatic sell rule by dropping more than 8% below that buy marker. It may be best to wait for a new entry to appear.
KBR tumbled 5% after its report. The Houston-based outfit reported a wide fourth-quarter earnings miss.
Among IBD 50 stocks, Air Lease (AL) fell 4% despite topping fourth-quarter estimates late Thursday. The stock is back near a 37.33 buy point.
Chipmaker Nvidia (NVDA) faded 4% at the open. The stock dropped 10% Thursday, shearing below its 50-day moving average in heavy trade — the most recent in a series of sell signals.
Consumer Sentiment, New Home Sales; Europe's Markets Lag
The economic calendar opens at 10 a.m. ET, when the University of Michigan reports its final Consumer Sentiment reading for February and the Commerce Department provides January new-home sales numbers. Baker Hughes' (BHI) weekly oil rig count is expected at 1 p.m. ET.
Overseas, European markets were wading deeper into red ink in afternoon trade, with the CAC 40 in Paris and Frankfurt's DAX each approaching losses of 2%. London's FTSE 100 declined 1%.
China's market ended mixed, while Hong Kong's Hang Seng Index dropped 0.6%. In Japan, Tokyo's Nikkei 225 dropped 0.5% on Friday.
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