U.S. stocks slumped Friday, with major indexes surrendering early gains as investor reacted to disappointing results from bellwethers including Exxon and Intel as well as GDP data that came in slightly below lofty growth expectations.
What are the main benchmarks doing?
The Dow Jones Industrial Average DJIA, -0.38% slid 111 points, or 0.4%, to 25,414. The S&P 500 index SPX, -0.79% shed 23 points, or 0.8%, to 2,814 with eight of its 11 sectors lower as the technology sector sank more than 2%. The Nasdaq Composite Index COMP, -1.62% fell 125 points, or 1.6%, to 7,726.
For the week, the Dow is looking at a gain of 1.4%, the S&P 500 is up 0.4%, and the Nasdaq is off 1.2%. Both the Dow and the S&P are on track for their fourth straight positive week, their longest such streak since January.
What’s driving markets?
Consumers and government spending powered the economy to a 4.1% rate of gross domestic product growth in the second quarter, the fastest pace of growth in almost four years, although it was slightly below the 4.2% rate that analysts had been expecting.
Separately, consumer sentiment fell to a six-month low in July, the University of Michigan said, though it was slightly ahead of expectations.
In a bright spot for company news, Amazon.comInc. AMZN, +0.47% gained 0.6% after the e-commerce company posted not only its biggest quarterly profit in history, but earnings that were double what was expected. The company extended its strong year-to-date rally and hit new records. It is up nearly 60% thus far in 2018, emerging as the single-biggest boost to the stock market.
Amazon’s results could assuage concerns about