After moving sharply lower earlier in the session, stocks regained some ground going into the close of trading on Friday but remained mostly in the red. With the drop on the day, the markets extended the sell-off seen in the previous session.
Indiana Governor Mike Pence announced his support for Senator Ted Cruz, R-Tex., on Friday, just days before the potentially pivotal Republican presidential primary in the Hoosier State. Pence praised Cruz for his dedication to advocating for the agenda of former President Ronald Reagan.
Extending the sell-off seen late in the previous session, stocks have moved sharply lower over the course of the trading day on Friday. With the steep drop on the day, the tech-heavy Nasdaq has fallen to its lowest intraday level in a month.
Violence outside of a Donald Trump rally in Costa Mesa, California, on Thursday has led to the arrest of approximately 20 people. Hundreds of anti-Trump protesters blocked traffic on the streets outside an Orange Country amphitheater as the real estate tycoon held a rally for more than 30,000 supporters inside.
Stocks are seeing notable weakness in early trading on Friday, adding to the steep losses posted in the previous session. The major averages have all moved to the downside, with the Nasdaq hitting its lowest intraday level in a month.
The New York Times is teaming up with Google again to give away Google Cardboard, the virtual reality headsets, but this time only to its "most loyal" digital subscribers. The company said that the digital-only subscribers selected for this distribution were chosen based on the duration of their subscriptions.
Reflecting weakening expectations for future growth, the University of Michigan released a report on Friday showing that U.S. consumer sentiment deteriorated by more than previously estimated in April. The report said the final reading on the consumer sentiment index for April came in at 89.0.
Indicating a slow start to the second quarter, MNI Indicators released a report on Friday showing that growth in Chicago-area business activity slowed by much more than expected in the month of April. MNI Indicators said its Chicago business barometer slumped to 50.4 in April.
Oil company Exxon Mobil Corp. on Friday reported a 63 percent fall in profit for the first quarter from last year, while Chevron Corp. reported a loss for the quarter, both on lower revenues. The results were impacted by the fall in crude oil prices and weaker refining margins. However, Exxon Mobil's earnings beat analysts' estimates, while Chevron's loss was wider than their expectations.
With personal income rising faster than personal spending, the Commerce Department released a report on Friday showing that the U.S. personal savings rate jumped to its highest level in over a year in the month of March.
Following the sell-off seen late in the previous session, stocks may see some further downside in early trading on Friday. The major index futures are currently pointing to a lower open for the markets, with the Dow futures down by 69 points.
Euro area economic growth doubled in the first quarter weathering fears of a global slowdown and the jobless rate declined for the first time in three months in March to its lowest level in four-and-a-half years. Nonetheless, Eurozone relapsed into deflation in April on negative contributions from oil prices. Gross domestic product climbed 0.6 percent from the prior quarter.
Here is a quick summary of the earnings reported after the bell on Apr. 28.
Second Sight Medical Products, Inc. (EYES)
Q1 net loss was $5.8 million, or $0.16 per share, compared with a net loss of $5.0 million, or $0.14 per share, in the prior year quarter.
Adjusted net loss was $4.8 million,...
British drug maker AstraZeneca Plc reported Friday higher profit in its first quarter, reflecting lower charges and higher revenues. US and emerging markets performed well. Looking ahead, for fiscal 2016, the company continues to expect both revenue and earnings per share to decline a low to mid single-digit percentage at constant exchange rates.
Wall Street stocks could open Friday's session on a watchful note, as uncertainties abound. The tech space is under pressure amid disappointing earnings reports rolled out by some big tech stocks. Oil companies are in focus, as Exxon Mobil (XOM) and Chevron (CVX) are due to release their quarterly scorecards. Commodities continue to flourish as the dollar remains subdued.