Stocks opened down on Friday after mixed earnings results from McDonald’s, which reported stronger-than-expected sales growth, and General Electric, which cut its revenue forecast.
As the day went on, stocks retraced some of their losses and finished little changed.
First up, the scoreboard:
- Dow: 18,145.92 , -16.43, (-0.09% )
- S&P 500: 2,140.51 , -0.86, (-0.04%)
- Nasdaq: 5,252.18, +10.42, (+0.20%)
- WTI crude oil: $50.84, +0.21, (+0.41%)
- 10-year Treasury yield: 1.742%, -0.5 basis points
- Time Warner skyrocketed after reports that AT&T is closing in on a takeover. Shares spiked more than 13% to a 15-month high after the Wall Street Journal reported that it’s in “advanced talks” to be acquired by AT&T.
- McDonald’s is still killing it because of all-day breakfast. The company said its comparable-store sales, or sales at locations open for at least one year, rose 3.5%, topping the forecast for 1.5% growth, according to data from Bloomberg.
- The oil rig count rose for the 8th straight week, according to oilfield-services giant Baker Hughes. The rig count has increased since June as operators have become more bullish on the market.
- Sketchers crashed after blaming its weak earnings on a “shorter back-to-school period.” Shares tanked by nearly 17% around 10:20 a.m. ET after the firm reported earnings of $0.42 per share, lower than analysts’ expectations for $0.46 per share. Revenue also came in light at $942 million against expectations for $954 million.
- The Canadian dollar got whacked after some disappointing data. The currency was down by 0.8% at 1.3336 per US dollar around 2:52 p.m. ET. Earlier, core retail sales came in at 0.0% month-over-month in August, below expectations of an increase of 0.3%, and CPI rose only 0.1% month-over-month in September, below expectations of a 0.2% uptick.
- In other FX news, the euro dropped to its lowest level since March after the European Central Bank said it wouldn’t taper policy anytime soon. The currency was down by 0.6% at 1.0868 against the dollar around 11:58 a.m. ET.
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