Stocks ended the week quietly mixed, but it was a rough week for the Nasdaq composite, which fell nearly 3%.
The Nasdaq edged 0.1% higher, the S&P 500 rose less than 0.1% and the Dow Jones industrial average eased 0.1%. Preliminary data showed volume on the NYSE and Nasdaq coming in about 20% lower than Thursday's levels.
Goldman Sachs (GS) and Caterpillar (CAT) lagged in the Dow, while Intel (INTC) outperformed with a 1% gain. Apple (AAPL) snapped a four-session slide, rising 0.3%, even after Instinet Equity Research lowered its iPhone 7 sales estimates due to "sedate" demand. Instinet did cite strong demand for the 7 Plus.
Sirius XM (SIRI) was the worst percentage decliner in the Nasdaq 100, falling around 6%, after CNBC said music-streaming service Pandora (P) is open to rekindling talks with Sirius XM about a possible merger. In July, Pandora rejected a $15 a share offer from Liberty Media (LMCA), the majority owner of Sirius XM. Shares of Pandora soared 16% to 13.33.
In the broad market, miners, discount retailers, steel and chip stocks outperformed. Enterprise software, auto and railroad stocks lagged.
In the stock market today, it was a wild session for Ulta Beauty (ULTA) despite another strong quarter. Shares jumped nearly 7% early but reversed after a short-lived breakout attempt over a 268.88 buy point.
Inside the IBD 50, Applied Materials (AMAT) reclaimed a 31.17 buy point after a volatile session Thursday for chip stocks that saw the Philadelphia semiconductor index dive 5%.
Starbucks (SBUX) fell 2% on news CEO Howard Schultz is stepping down. He'll be replaced by Kevin Johnson, a Microsoft (MSFT) veteran and most recently CEO of Juniper Networks (JNPR).
January-delivery West Texas intermediate crude oil futures ended the week at $51.68 a barrel, up 1.2%. For the week, oil rose more than 12%.
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