Stocks ended mixed for the day and the week on Friday, after big-cap tech earnings weighed on the Nasdaq.
The Nasdaq fell 0.8%, while the S&P 500 closed flat and the Dow Jones industrial average held a 0.1% gain. Small-caps outperformed in the stock market today, with the Russell 2000 rising 0.8%. Volume was mixed, coming in lower on the NYSE but higher on the Nasdaq, according to preliminary numbers. Losers topped winners by a 8-5 ratio on the NYSE and by about 7-to-4 on the Nasdaq.
For the week, the Nasdaq gave up 0.7%; the Dow and S&P 500 each climbed 0.5%. They started out the week with a strong upside reversal, before getting hit by downside earnings surprises on Thursday.
Internet content, airline and desktop software makers were among the day's top losers. Alphabet (GOOGL) gapped down and fell 5% in heavy volume, closing below its 50-day moving average for the first time since March 10. Shares are now 5% below a 777.41 handle buy point cleared last week in weak trade. Late Thursday, the Internet giant reported Q1 earnings and revenue that missed views.
Alphabet was among the biggest IBD 50 decliners. Other downside leaders included LendingTree (TREE), down nearly 6%, and Stamps.com (STMP), which gave up almost 4%.
Microsoft (MSFT) gapped down and sank 7% in brisk trade for its first drop below the 50-day line in over a month. After the close Thursday, the Xbox and Surface maker's quarterly results also fell short of forecasts. The stock has been consolidating since late December.
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Energy, dairy products and railroad operators outperformed. Oil drillers gained ground as West Texas intermediate crude prices rose more than 1% to $43.76 a barrel.
Coca-Cola (KO) led the Dow with a 2% jump in above-average volume. Citigroup maintained a buy rating and gave the soft drinks maker a price target of 50. On Wednesday, Coca-Cola reported Q1 earnings and sales that topped views, but shares fell 5% amid concerns over sluggish product shipments. Shares are back above a 44.01 buy point of a flat base.
Economic data slated for Monday include new-home sales for March and the Dallas Fed Manufacturing Survey for April.
Notable companies reporting earnings next week include Facebook (FB) on Wednesday and Amazon.com (AMZN) on Thursday, both after the close.
