U.S. equity markets ended mixed as tech stocks continued to see profit-taking.
Amazon Inc., Facebook Inc. and Google Inc. all declined, helping push the Nasdaq Composite down 0.57% on Friday and extending its weekly loss to 4.1%.
The Dow Jones Industrial Average posted a gain of 130 points, or 0.48%, led by Caterpillar Inc. and Coca-Cola Co., helping offset declines in Apple Inc. and Microsoft Microsoft Corp. The S&P 500 , meanwhile, finished little changed.
For the week, the Dow fell 1.7% and the S&P 500 lost 2.5%.
Tesla Inc. shares, which had an active five-days, posted a modest gain. Still, the stock lost about 10% for the week.
Electric-truck maker Nikola Corp. was in focus a day after short-seller Hindenburg Research accused the company of conning General Motors into a partnership. Nikola CEO Trevor Milton said the company had retained law firm Kirkland & Ellis to address the matter and would take its concerns to the SEC.
Elsewhere, JPMorgan Chase & Co. ordered senior employees who work in sales and trading to return to the office beginning Sept. 21, winning a complimentary tweet from President Trump.
Goldman Sachs is also ramping up plans for a return to the office.
Looking at earnings, Oracle Corp. returned to growth as both earnings and revenue outpaced Wall Street estimates.
Peloton Interactive Inc. reported quarterly sales tripled and the company gave revenue guidance for the fiscal year 2021 that was well above estimates.
Online pet food supplier Chewy Inc.’s quarterly loss narrowed as both top- and bottom-line results topped expectations amid a surge in demand amid the COVID-19 pandemic.
Looking at commodities, West Texas Intermediate crude oil closed up 3 cents at $37.33 per barrel and gold was down $16.40 at $1,937.80 per barrel.
U.S. Treasurys ticked lower, pushing the yield on the 10-year note up to 0.668%.
In Europe, Britain’s FTSE climbed 0.48%, France’s CAC edged up 0.2% and Germany’s DAX slipped 0.05%.
Asian markets were higher across the board with China’s Shanghai Composite gaining 0.79%, Hong Kong’s Hang Seng advancing 0.78% and Japan’s Nikkei adding 0.74%.
