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Corporate Earnings, Macro Data Leave Equity Markets Mixed
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Corporate Earnings, Macro Data Leave Equity Markets Mixed
Oct 25, 2024 2:33 PM

05:02 PM EDT, 10/25/2024 (MT Newswires) -- US benchmark equity indexes closed mixed Friday as investors evaluated the latest corporate earnings and economic data.

The Dow Jones Industrial Average fell 0.6% to 42,114.4, while the Nasdaq Composite rose 0.6% to 18,518.6. The S&P 500 was little changed at 5,808.1. Utilities saw the steepest decline among sectors, while communication services led the gainers.

For the week, the Dow dropped 2.7%, while the S&P 500 lost 1%. The Nasdaq ticked up 0.2%.

In company news, Mohawk Industries ( MHK ) shares slumped nearly 14%, the biggest drop on the S&P 500. Late Thursday, the company issued a fourth-quarter earnings outlook that fell short of Wall Street estimates.

HCA Healthcare's ( HCA ) third-quarter results missed the Street's views Friday as Hurricane Helene impacted some of its facilities. The hospital operator said it expects a further hurricane-related hit in the ongoing quarter. The company's shares tumbled 8.9%, the third-worst performer on the S&P 500.

McDonald's (MCD) saw the steepest decline on the Dow, down 3%, after US health authorities said that the number of E. coli cases potentially linked to the fast-food giant's Quarter Pounder hamburgers increased to 75 across 13 US states as of Thursday, adding that the actual number of sick people could be "much higher."

Capri (CPRI) shares plunged 49% Friday following a court ruling that temporarily blocked the luxury fashion company's proposed acquisition by Coach and Kate Spade owner Tapestry (TPR). Tapestry shares surged 14%, the top gainer on the S&P 500.

Deckers Outdoor ( DECK ) was the second-best performer on the S&P 500, up 11%. The company delivered a fiscal second-quarter beat late Thursday.

In economic news, US durable goods orders fell in September, weighed down by sharp declines in defense and civilian aircraft, according to government data.

"Pop the hood and the September durable goods report reveals encouraging signs of life away from the gloom of nondefense aircraft orders," BMO said in a report. "Many months of brutal Boeing ( BA ) order declines have pushed nondefense aircraft orders down 43.9% from a year ago."

US consumer sentiment in October rose to its highest level since April, while long-term inflation expectations eased, final results from the University of Michigan's Surveys of Consumers showed.

West Texas Intermediate crude oil increased 2% to $71.6 a barrel Friday.

Gold rose 0.3% to $2,756.10 per troy ounce, while silver was little changed at $33.8 per ounce.

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