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The Nasdaq Composite surged on Friday, with help from Netflix and Alphabet, as investors tried to hold on to January’s rally and earnings reports continued to pour in.
The tech-focused stock index rose 1%, while the S&P 500 rose 0.4%. The Dow Jones Industrial Average fell 49 points, or 0.2%.
Netflix gained 7% after posting more subscribers than expected, even as its quarterly results beat analysts’ estimates. Alphabet rose 5% after the company announced it would lay off 12,000 employees.
For the week, all three indices are on course to close lower. The Dow is down more than 3% and on track for its worst week since September. The S&P 500 is down more than 2% and could post its worst weekly performance since December. The Nasdaq is down more than 2% and on track to snap a two-week winning streak.
Wall Street is emerging from a bearish session, with the Dow Jones and S&P 500 posting three-day losing streaks as corporate earnings and economic data signal a slowing economy. The Dow is now down 0.31% year-to-date. The S&P 500 and Nasdaq are still positive for the year.
“The market is focused and not sure how to react between the Fed’s retrospective market analysis and leading and leading market indicators,” Tim Seymour, founder and chief investment officer of Seymour Asset Management, said on the show. CNBC’s “Fast.” Money.”
These forward-looking indicators include economic data such as retail sales and industrial production. “This is where the market starts to crash,” he said.
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