XOM - US Stocks Waver Tech Outperforms As September Inflation Data Solidifies Interest Rate Hold; Oil Giants Fall: What's Driving Markets Friday? | Benzinga
It’s a mixed Friday on Wall Street, with tech investors cheering stellar earnings from Amazon.com, Inc. (NASDAQ:AMZN) and an in-line personal consumption expenditure inflation rate, while bears continued to weigh on the broader stock market.
Economists perceived the latest data on the Fed’s preferred inflation gauge as a favorable reading that will convince the Fed to keep rates unchanged next week.
Ford Motor Co (NYSE:F) dropped approximately 10% after falling short of quarterly estimates and revising its guidance due to the UAW strike. Oil giants reporting Friday — including Exxon Mobil Corp. (NYSE:XOM) and Chevron Corp. (NYSE:CVX) — fell 2.2% and 5.6%, respectively, after disappointing results.
Cues From Friday’s Trading:
The S&P 500 experienced a 0.4% decline, marking its eighth session of losses out of the last nine and a 2.5% decrease for the week. The Nasdaq 100 saw a 0.5% increase but remained 2.6% lower for the week, while the Dow tumbled 0.8%, down 1.8% for the week. Small caps in the Russell 2000 also fell by 1%, extending their weekly losses to 2.5%.
US Index ...