Wall Street Digests Slew of Earnings Results

  • US stocks were mixed Friday but largely flat amid more earnings reports.
  • Over 75% of S&P 500 companies that have reported so far have beat analysts’ earnings estimates. 
  • But the S&P 500 and the Dow are on track for their worst week since March. 

US stocks were trading mixed on Friday but still largely flat as investors digested more corporate earnings results. 

The S&P 500 and Dow Jones Industrial Average are headed for their worst trading week since March. The Nasdaq Composite is expected to close the week in the red as well. 

Over 75% of S&P 500 companies that have reported so far have beat analysts’ earnings estimates, per FactSet. Procter & Gamble posted upbeat results on Friday and raised its sales outlook. 

Wall Street is also turning attention to next week’s release of quarterly results from mega-cap techs like Alphabet and Amazon. 

Here’s where US indexes stood at the 9:30 a.m. ET open on Friday:

Here’s what else happened today:

  • Top economist Mohamed El-Erian breaks down the credit squeeze threatening the US, risk of higher interest rates, and more in an exclusive interview with Insider.
  • US money-market funds snapped a trend of record inflows and saw their assets drop for the first time since last month, per Bloomberg.
  • Former Treasury Secretary Larry Summers says the Fed has inflation on the ropes and bemoans the debt-ceiling fiasco in a new interview.
  • Citi’s chief economist says the US could be headed towards a credit crunch that would only prolong a recession. 

In commodities, bonds and crypto:

  • West Texas Intermediate crude oil increased 1.02% to $78.16 per barrel. Brent crude, oil’s international benchmark, rose 0.86% to $81.81.
  • Gold declined 0.79% to $2,003 per ounce.
  • The yield on the 10-year Treasury fell 4 basis points to 3.505%.
  • Bitcoin dropped 1.89%, while ether fell 2.56%.

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