Wall Street fell Friday, the last trading day of what has been a banner month for equities. Energy stocks Exxon Mobil and Chevron and tech titans Apple, Alphabet and Facebook led the retreat.
The Dow ended a half percent lower. The S&P 500 pulled back seven-tenth percent from its record closing high, and the Nasdaq lost almost nine-tenth percent.
For the month, the S&P and Nasdaq gained over 5%, the Dow nearly 3%.
ClearBridge Investments Investment Strategist Jeffrey Schulze:
“I think this is just some profit taking after a very strong week of trading. Since the close of last Thursday to this morning, the markets were up , the S&P 500 was up 1.9%, and you saw a very strong movement into value, cyclicals, and small caps.”
Shares of Twitter plummeted. Investors gave a thumbs down to the microblogging company’s tepid revenue forecast and its warning that user growth could slow.
Amazon shares inched lower even though the e-commerce giant posted record quarterly profit. The company also signaled that consumers would keep spending and that converts to online shopping would be unlikely to leave.
Surging crude prices drove the bottoms lines of oil majors Exxon Mobil and Chevron back into the black in the first quarter. But investors took profit on both stocks which have vastly outperformed the broader market this year.