© Reuters.
By Yasin Ebrahim
Investing.com — The Dow closed lower Friday, snapping a four-week win streak on mixed quarterly earnings ahead of results from big tech next week.
The was 0.1%, or 22 points higher, the rose 0.1%, and the added 0.1%.
The slew of mixed quarterly results continued to weigh on investor sentiment, with materials the biggest loser on the day, driven by a slump in Freeport-McMoran Copper & Gold.
Freeport-McMoran Copper & Gold (NYSE:) reported quarterly that topped estimates, but profit more than halved and the mining company warned of a further impact from ongoing labor shortages, sending its shares more than 4% lower.
Regions Financial Corporation (NYSE:) reported first-quarter results that on the bottom line and a 4% slide in deposit.
In health care, HCA Holdings Inc (NYSE:) jumped more than 4% as it upgraded its annual guidance after delivering quarterly that topped estimates.
Tech, meanwhile, continued to stutter as investors await the quarterly results from big tech next week.
Alphabet Inc (NASDAQ:) and Microsoft (NASDAQ:) kick off earnings for big tech on Tuesday.
Amazon.com (NASDAQ:) jumped more than 3% after as its Whole Foods business is reportedly planning to cut hundreds of jobs as part of a restructuring.
Tesla (NASDAQ:), meanwhile, steadied after a slump a day earlier as the electric vehicle maker said it would hike prices of its Model Y and Model S in the U.S., just a day after slumping more than 10% following disappointing quarterly results.
Energy stocks sidestepped the uptick in oil prices as sentiment was soured by a more than 4% slump in Schlumberger NV (NYSE:) as the oil field services company’s better-than-expected were overshadowed by weaker margins and cashflow.
Free cash flow for the quarter fell $265 million, missing Goldman Sachs’ estimates of $772M, driven by “stronger than expected use of cash in working capital,” Goldman Sachs said.
On the economic front, picked up in April, climbing to a reading of 50.4 from 49.2 previously, signaling a return to expansion. also inched higher to a reading of 53.7 from 52.6 last month.
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