The Dow Jones Industrial Average was trying to leave an impression on Friday morning session with assistance by gains in financials and energy stocks.
But the major benchmarks were flirting with minor gains and losses as the declining tech sector wiped away the broader market trend and especially the Nasdaq Composite.
The Dow Jones Industrial Average (DJIA) was picking up pace with 22 points, or 0.1%, to 18,004 during morning session while the tech-weighted Nasdaq Composite (COMP) was declining 30 points, or 0.6%, to 4,915. The benchmark S&P 500 (SPX) was unmoved at 2,092, with the S&P 500’s technology stocks, lower 1.4%. The energy sector were able to eke out gains courtesy to a jump in oil prices, while financials were mainly up. Both sectors were higher almost 1.2%.
Shares of Microsoft Corp. (NASDAQ:MSFT) were down 8.5% in active morning session, hedging almost $38 billion in market worth and hammering the Dow Jones Industrial Average’s (DJIA) rally in half, in the light of sluggish quarterly results.
After the opening bell, volume exceeded 35 million shares inside the initial 45 minutes, in contrast with the complete-day average of 26.4 million shares. The stock was all set to witness the largest percentage drop since it plunged 9.3% on Jan. 27, 2015, which also tracked sluggish quarterly results. With almost 7.91 billion shares outstanding, as per reported by FactSet, the price drop of $4.75 was vanishing $37.57 billion from its market cap. The drop was also hedging almost 33 points from the Dow, which was previously up 22 points few moments ago.
Apart from Microsoft soiled performance, the smartphone titan Apple Inc. (NASDAQ:AAPL) plunged following iPhone sales forecasts were declined by Raymond James following mobile-aimed chip manufacturer Qualcomm Inc.’s (NYSE:QCOM) sluggish guidance this week. Shares of Apple Inc were down almost 0.7% during Friday morning session.