Featured # Markets | 2 years ago

Wall Street Sees Minute Changes as Tech Companies Balance Energy Companies

United States stocks did not change much on Friday, even after positive results from large companies caused a rise in technology stocks. These gains helped balance out the losses that energy stocks experienced. Investor sentiment was also impacted by an increase in United States gross domestic product that was slower than initially predicted. The decrease in energy shares had a huge role in dragging down both the S&P 500 index as well as the Dow.

“I think there is some negative reaction to the announcement by the Bank of Japan. The economic data and earnings reports were also not fabulous this morning,” Paul Nolte, portfolio manager at Kingsview Asset Management, stated.

The Bank of Japan increased its stimulus package on Friday by increasing purchases of exchange-traded funds twofold. However, the decision did not come off well to investors who were looking for more aggressive actions. At 11:04 a.m. ET, the Dow Jones Industrial Average .DJI had decreased 21.02 points, or 0.11 percent, to 18,435.33. The S&P 500 .SPX increased 2.97 points, or 0.14 percent, to 2,173.03. The Nasdaq Composite index .IXIC rose 8.48 points, or 0.16 percent, to 5,163.46. Six of the ten major S&P 500 indexes had decreased, with the energy sector’s .SPNY 1.26 percent drop making it the biggest decline.

“Energy prices have been weak for some time now, but markets have chosen to ignore them, I think today’s move may bring the markets’ focus back on energy,” Nolte added.

Advancing issues had surpassed decliners on the New York Stock Exchange by 1,629 to 1,201. On the Nasdaq, 1,486 issues fell, and 1,124 advanced. The S&P 500 index indicated thirty-one new 52-week highs and one new low. On the other hand, the Nasdaq saw sixty new highs and twenty-one new lows.

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