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US: Stocks dip on lower oil, earnings, ending Nasdaq streak

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[NEW YORK] Wall Street stocks fell modestly Friday on mixed earnings and lower oil prices, ending Nasdaq's streak of 10 straight gains that included three straight closing records.

Petroleum-linked shares including Dow member Chevron and Halliburton fell as oil prices dropped on worries about excess supply.

General Electric was the biggest loser in the Dow, tumbling 2.9 per cent after signaling it expects 2017 earnings to be on the low end of expectations due to continued weakness in its power, and oil and gas divisions.

Analysts said profit-taking also played a role in the declines after all three indices hit records earlier in the week.

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The Dow Jones Industrial Average shed 0.2 per cent to end the week at 21,580.07.

The broad-based S&P 500 dropped slightly to close at 2,472.54, while the tech-rich Nasdaq Composite Index dropped less than 0.1 per cent to 6,387.75, retreating from its record.

Microsoft reported net income for the quarter ending June 30 more than doubled to US$6.5 billion on strong gains in cloud computing. The company's shares fell 0.6 per cent, with analysts pointing to the stock's strong gains over the last year.

Schlumberger dropped 0.7 per cent after reporting a second-quarter loss of US$74 million. However, the oil services giant reported an uptick in activity in several international markets.

Capitol One shot up 8.6 per cent after reporting that second-quarter net income rose 6.2 per cent from the year-ago period to US$1.0 billion.

Among others to report earnings, eBay lost 1.5 per cent, Colgate-Palmolive gained 1.6 per cent and Honeywell International won one per cent.

AFP

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