Global stocks poised for fourth week of gains, with focus on earnings

NEW YORK (Reuters) – World shares were little changed on Friday as mixed corporate profits and economic data that only met expectations struggled to displace concerns over trade and central bank policy, though a key global equity index was still set for a fourth week of gains.

Traders work on the floor of the New York Stock Exchange (NYSE) in New York, U.S., July 24, 2018. REUTERS/Brendan McDermid

The MSCI All-Country World Index, which tracks shares in 47 countries, was down 0.35 percent, though still set for its fourth weekly advance.

Investors surveyed a host of second-quarter corporate results, punishing those that came up short, including Intel Corp, down 8.6 percent after its fast-growing data center business missed estimates. Exxon Mobil Corp fell 3 percent and Twitter Inc sank 19 percent after their results.

Data showed the U.S. economy grew at its fastest pace in nearly four years in the second quarter, as consumers boosted spending and farmers rushed shipments of soybeans to China to beat retaliatory trade tariffs before they took effect in early July.

But the economic growth figures were widely expected.

The Dow Jones Industrial Average fell 131.68 points, or 0.52 percent, to 25,395.39, the S&P 500 lost 25.01 points, or 0.88 percent, to 2,812.43 and the Nasdaq Composite dropped 133.20 points, or 1.7 percent, to 7,718.98.

Bonds did not sell off, as some investors had expected, on strongly positive news. Benchmark 10-year U.S. Treasury yields slipped from their highest level in 1-1/2 months and last rose 5/32 in price to yield 2.9579 percent, from 2.975 percent late on Thursday.

Rates markets await an important week of meetings at the U.S. Federal Reserve and Bank of Japan (BoJ). Earlier speculation that the BoJ might tweak its policies rattled global markets. The bank’s aggressive efforts to keep yields in

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