Markets Edge Lower; Procter & Gamble Profit Beats Estimates
Following the market opening Friday, the Dow traded down 0.14 percent to 16,540.45 while the NASDAQ declined 0.11 percent to 4,364.96. The S&P also fell, dropping 0.01 percent to 1,930.55.
Leading and Lagging Sectors
Non-cyclical consumer goods & services shares rose by 0.58 percent on Friday. Top gainers in the sector included Strayer Education (NASDAQ: STRA), up 6.6 percent, and The Procter & Gamble Company (NYSE: PG), up 3.6 percent.
The Cincinnati, Ohio-based company posted a quarterly profit of $2.58 billion, or $0.89 per share, versus a year-ago profit of $1.88 billion, or $0.64 per share. Its adjusted earnings rose 20% to $0.95 per share.
Its sales declined 1% to $20.2 billion, while organic sales rose 2% in the quarter. However, analysts were expecting earnings of $0.91 per share on revenue of $20.48 billion.
Equities Trading UP
Expedia (NASDAQ: EXPE) shares were also up, gaining 5.16 percent to $83.52 after the company reported upbeat results for the second quarter. Analysts at Raymond James upgraded Expedia from Market Perform to Outperform.
Equities Trading DOWN
Shares of Web.com Group (NASDAQ: WWWW) were down 24.30 percent to $20.10 after the company reported Q2 earnings of $0.62 per share on revenue of $138.20 million and issued a weak FY14 forecast. The company also announced the acquisition of Scoot. SunTrust Robinson Humphrey downgraded Web.com Group from Buy to Neutral and lowered the price target from $34.00 to $24.00.
GoPro (NASDAQ: GPRO) shares tumbled 8.48 percent to $43.90 despite better-than-expected Q2 results. Dougherty & Company downgraded GoPro from Buy to Neutral, according to Bloomberg.
SunPower (NASDAQ: SPWR) was down, falling 4.63 percent to $35.03 after the company issued a cautious outlook. However, the company reported better-than-expected Q2 earnings.
In commodity news, oil traded down 0.42 percent to $97.76, while gold traded up 0.97 percent to $1,295.20.
Silver traded up 0.65 percent Friday to $20.55, while copper rose 0.20 percent to $3.24.
European shares were lower today. The eurozone’s STOXX 600 fell 1.06 percent, the Spanish Ibex Index tumbled 1.59 percent, while Italy’s FTSE MIB Index declined 0.14 percent. Meanwhile, the German DAX declined 1.73 percent and the French CAC 40 dropped 0.78 percent while UK shares fell 1 percent.
In July, the US economy added 209,000 nonfarm jobs, while the unemployment rate rose to 6.2% versus 6.1%. However, economists were estimating an addition of 235,000 nonfarm jobs in the month.
US consumer spending increased 0.4% in June, while personal income surged 0.4%. However, economists were expecting a 0.5% rise in spending and a 0.4% increase in personal income.
The final reading of Markit PMI manufacturing index declined to 55.8 in July, versus the flash estimate of 56.3. However, economists were expecting a reading of 56.5.
The final reading of Reuter's/University of Michigan's consumer sentiment index rose to 81.80 in July, versus a prior reading of 81.30. However, economists were expecting a reading of 81.80.
The ISM manufacturing composite index increased to 57.1 in July, from 55.3 in June. Economists projected a reading of 56.0 in July.
US construction spending declined 1.80% in June, versus economists’ expectations for a 0.50% gain.
© 2017 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.