Stocks closed near session lows Friday as oil prices slumped. Apple (AAPL) lagged in the Dow, while Verizon (VZ) bucked the trend, rising about 0.4%. Apple lost 1.7% on new worries about sluggish iPhone 7 orders.
The S&P 500 fell 0.6%, dropping below its 50-day moving average after retaking that support level on Thursday. The Nasdaq also lost 0.6%, while the Dow Jones industrial average slid 0.7% Preliminary data showed volume on the NYSE and Nasdaq coming in slightly lower than Thursday's levels.
Crude oil prices were down 4% to $44.48 a barrel on reports that Saudi Arabia is not expecting an agreement among major producers on freezing oil output next week. Curbing production would lift crude prices, but such an agreement has been elusive. U.S. crude futures rose 2% for the week.
In the stock market today, Facebook (FB) gapped down below a 128.43 buy point, but damage was limited, after the company said it overestimated the average time users spent watching videos between 60% and 80%. Shares of Facebook 1.6% to 127.96.
Shares of Twitter (TWTR) soared 21% on a CNBC report that said the company is nearing a sale, perhaps to Salesforce.com (CRM) or Alphabet (GOOGL). Alphabet didn't move much on the news but Salesforce.com gapped down and lost nearly 6%,hitting a six-month low
Bats Global Markets (BATS) gapped up powerfully over the 29.11 buy point of its first base, as shares jumped 19% in heavy trading. The electronic stock exchange operator moved on speculation that it may be acquired by CBOE Holdings (CBOE), the parent of the Chicago Board of Options Exchange. CBOE shares rose more than 1%, still in buy range from a 69.58 entry.
After strong debuts for Trade Desk (TTD) and e.l.f. Beauty (ELF) earlier in the week, Valvoline (VVV) rose in its first day of trading after pricing last night at 22 a share. Shares closed at 23.20. Apptio (APTI) also did well. Shares closed at 22.55 after pricing last night at 16. Finally, AC Immune (ACIU) priced at 11. Shares closed at 16.10.
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Meanwhile, newer issues Wingstop (WING) and Penumbra (PEN) continue to act well. Both are on the thin side in terms of average daily dollar volume but also boast solid fund ownership trends. Wingstop is working on a new base as it seeks support at its 10-week moving average. Penumbra, meanwhile, fell 2.6% to 77.32, closing just below a 77.35 buy point cleared Wednesday.
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