The stock market turned mixed Friday as Wall Street weighed another strong earnings report from Amazon.com (AMZN) but worried about a weaker-than-expected preliminary reading on Q2 gross domestic product.
Leaderboard name Amazon added 1.5%. Late Wednesday, the company smashed earnings estimates and reported its second straight quarter of accelerating sales growth.
The Dow Jones industrial average gave back less than 0.1%, while the S&P 500 and Nasdaq composite added 0.2%. Volume on the NYSE and Nasdaq was tracking lower than Thursday's levels in the stock market today.
In the other global markets, Tokyo's Nikkei 225 bumped up 0.5% after the Bank of Japan voted for a mild increase in its monetary stimulus measures.
Exxon Mobil (XOM) and Chevron (CVX) were early laggards in the Dow as both reported weak Q2 results and West Texas Intermediate crude oil dipped below $41 a barrel. Exxon Mobil lost 2.3% while Chevron recovered to trade flat. Merck (MRK) erased most of an early gain while Microsoft (MSFT) climbed 0.7%.
In economic news, a preliminary read on Q2 gross domestic product showed growth of 1.2%, well below the consensus estimate of 2.6%. Gold was mostly unchanged ahead of the GDP data but picked up steam afterwards, rising 0.7% to $1,341.50 an ounce. The 10-year Treasury yield picked up 1 basis points to 1.51%.
Medical-device maker Abiomed (ABMD) added 2%. Shares have been in a nice accumulation phase as the stock sits just 1% off an all-time high.
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IBD 50 name B&G Foods (BGS) soared nearly 13% after reporting strong earnings late Thursday. Quarterly profit jumped 68% from a year earlier. Sales jumped 58% to $306.4 million. Results were helped by its acquisition last year of the Green Giant and Le Sueur brands from General Mills (GIS).
