With a negative reaction to earnings from some major technology companies offsetting any positive sentiment generated by upbeat economic data, stocks have shown a notable move to the downside over the course of the trading day on Friday.
Much of the weakness on Wall Street comes as traders have reacted negatively to quarterly results from Oracle (ORCL) and Micron Technology (MU), while lingering concerns about the financial situation in Europe have also generated some selling pressure.
Meanwhile, traders have largely shrugged off a report from the Commerce Department showing a stronger than expected rebound in durable goods orders in the month of May.
Reflecting weakness in the tech sector, computer hardware and semiconductor stocks are turning in some of the market's worst performances in mid-afternoon trading.
Airline, healthcare provider, and gold stocks are also posting notable losses on the day, with gold stocks under pressure as the price of the precious metal extends the sharp drop seen in the previous session.
The major averages are currently all firmly in negative territory, although they are off their worst levels of the day. The Dow is down 74.21 points or 0.6 percent at 11,975.79, the Nasdaq is down 26.51 points or 1 percent at 2,660.24 and the S&P 500 is down 10.50 points or 0.8 percent at 1,273.00.
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May 08, 2026 15:50 ET Manufacturing and services sector survey results and labor market data from main economies were the highlight on the economics news front this week. Factory orders and jobs report dominated the news flow in the U.S. Similarly, industrial production data from German garnered attention in Europe. In Asia, purchasing managers’ survey results from China and the central bank decision from Australia were in focus.