Stocks – Dow Snaps 5-Day Winning Streak as Energy Slides

Stocks – Dow Snaps 5-Day Winning Streak as Energy Slides

© Reuters. – The Dow snapped its five-day rally Friday as a slump in energy on falling oil prices offset strong gains in automakers.

The Dow Jones Industrial Average fell about 0.02%, the S&P 500 lost 0.01%, while the Nasdaq Composite fell 0.21%.

The relentless rise in oil prices came to halt, triggering a sea of red in energy stocks inflicting the first daily loss for the broader market in six days.

That offset strong gains in automakers amid an acceleration in shares of General Motors (NYSE:GM) after it delivered an upbeat outlook on future growth.

General Motors lifted its full-year 2018 earnings guidance, and touted more gains for 2019, sending its 7% higher.

Other auto stocks raced higher in the wake of GM's upbeat announcement.

Ford Motor (NYSE:F) rose 2.0%, while Fiat Chrysler Automobiles (NYSE:FCAU) Automobiles gained 1.6%.

Tech, meanwhile, struggled to find its footing as weakness in Microsoft (NASDAQ:MSFT) and Apple (NASDAQ:AAPL) offset a surge in Netflix (NASDAQ:NFLX), which followed a bullish note from analysts.

Netflix's shift toward a "vertically integrated streaming business," is accelerating, as the company reduces the level of licensing obligations to third parties and ramps up spending on original content, both of which should translate into a "deeper moat, greater operating leverage, and meaningful free cash flow," Morgan Stanley (NYSE:MS) said in a note to clients.

The stumble in the broader market comes ahead of the start of the fourth-quarter earnings season, which gets underway in earnest next week with results from major Wall Street banks.

JPMorgan Chase & Co (NYSE:) and Wells Fargo & Company (NYSE:WFC) are slated to report earnings on Tuesday, before US markets open.

Source: — Read: Original Article

Share this page...
CBDPet CBD Hemp Oil Extract Dietary Supplement

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.