The Nasdaq's 10-day rally appeared to be in jeopardy Friday, as stocks opened to mild losses fueled by weak overseas trade and early earnings news.
X The Dow Jones industrial average slumped 0.3% at the starting bell as General Electric (GE), Apple (AAPL) and Microsoft (MSFT) weighed on early action.
The Nasdaq composite opened down 0.2% as Apple and all four of the heavyweight FANG stocks notched early declines. The S&P 500 set off with a 0.3% slip, with GE and BorgWarner (BWA) trading at the bottom of the list.
GE, eBay Dive; AthenaHealth, Capital One Get Earnings Boosts
Among blue-chip names, Visa (V) led with a 1.6% gain after its late Thursday report showing fiscal third-quarter revenue and earnings above analyst targets. The gain sent shares to a fresh high, after a weak-volume rebound from support at its 10-week moving average.
Microsoft dipped 0.4% after a 42% fiscal fourth-quarter earnings gain swept past expectations and revenue comfortably topped views. Revenue guidance for the first quarter was below analyst targets. Microsoft ended Thursday less than 2% above a 71.99 buy point in a flat base.
Dow issue General Electric crumbled nearly 4%, after reporting narrow beats in second-quarter earnings and revenue, and a sharp upturn in cash flow. GE's guided Q3 earning expectations to the low end of its prior guidance. Friday's losses deepened the stock's eight-month slide.
AthenaHealth (ATHN) sparked 8% higher on better-than-forecast second quarter results. The gain sent shares beyond a buy range following a rebound from its 10-week moving average.
Capital One Financial (COF) spiked 7%. The McLean, Va.-based credit provider reported a big second-quarter earnings beat and better-than-expected revenue late Thursday, and was upgraded by Oppenheimer to perform, from underperform, early Friday. The gap up gain lifted the stock back above its 10- and 40-week moving averages, starting up the right side of a five-month consolidation.
eBay (EBAY) slumped 1% on the heels of second-quarter sales and earnings that met analyst expectations, but with a weaker-than-forecast third-quarter earnings outlook. The online auction pioneer has been eking out news highs, still in a buy range above a flat base with buy points at 36.07 and 36.60.
Maxim Integrated Products (MXIM) swooned 5% after mixed second quarter results in which earnings topped expectations but a 6% revenue gain stopped well short of consensus views. Maxim ended Thursday back above support at its 10-week moving average, as it climbed the right side of a tight, seven-week base.
Asia, Europe Markets Slip; Coming Up: Weekly Rig Count
The economic calendar is largely blank for Friday, showing only Baker Hughes' weekly rig count report due out at 1 p.m. ET.
Overseas, Tokyo's Nikkei 225 slipped 0.2% Friday dragging the index into negative territory, down 0.1%, for the week. Hong Kong's Hang Seng Index trimmed off a 0.1% loss, leaving it up 1.2% for the week.
Losses deepened in Europe, where Frankfurt's DAX dropped 1.5% and the CAC 40 in Paris slipped 1%, while London's FTSE 100 shed 0.2%. For the week, the DAX and CAC 40 are tracking toward losses of around 2%, while the FTSE 100 is trading with a gain of more than 1%.
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