The Dow Jones Industrial Average edged higher at Friday’s open as oil prices pulled back from recent gains. The S&P 500 nudged up while the Nasdaq slipped, and Intel jumped after an earnings beat as SpaceX fell on another launch delay.
The Dow Jones Industrial Average and other major stock indexes opened mixed Friday as oil prices pulled back from recent big gains. The Dow industrials rose 0.2% just after the open, while the S&P 500 moved up a fraction and the tech-heavy Nasdaq composite fell 0.3% in morning trading.
Oil retreat sets the tone
West Texas Intermediate crude oil futures dropped roughly 2%, trading around $90.30 per barrel. Alongside the pullback, the 10-year Treasury yield eased to 4.69%, and Bitcoin slipped near $64,400.
Among exchange traded funds, the Invesco QQQ fell 0.4%, while the State Street SPDR S&P 500 gained 0.1% after the opening bell.
Intel leads the earnings movers
Intel stock surged 5% early Friday after beating Wall Street’s targets for the second quarter and on its outlook for the third quarter. The chipmaker earned an adjusted 42 cents a share on sales of $16.13 billion in the second quarter, above the 22 cents a share on sales of $14.43 billion that analysts polled by FactSet had expected.
Inside the Dow, Salesforce and Goldman Sachs rallied roughly 1% each in early trading. On the downside, American Express sold off more than 3% after its earnings report, while Chevron shares eased 0.6% amid the session’s pullback in oil prices.
SpaceX slides on launch delay
SpaceX stock sold off nearly 3% Friday morning after the company again postponed the test launch of its Starship rocket, the largest ever built. The delay came less than two weeks ahead of its first quarterly earnings report since its initial public offering.
The Starlink owner pushed the test flight from Thursday to Friday because of inclement weather. Its shares are trading 49% off their post-IPO highs.
What traders watch next
Early Friday, the Commerce Department’s new home sales for June are due at 10 a.m. ET. Sales are seen rising to 613,000 in June, up from 580,000 in May.
Source: Investor’s Business Daily
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