Stocks ran out of steam Friday, giving up early gains to close mixed. Investors continued to unload big cap growth stocks like Amazon, Apple and Microsoft and pick up industrial stocks like Caterpillar and 3M.
Those trades drove down the index loaded with tech stocks, the Nasdaq, six-tenths percent. But the S&P 500 closed flat, and the Dow gained a half percent. What’s more, the three indexes lost ground for the second straight week.
Phoenix Financial Services chief market analyst Wayne Kaufman says the charts suggest the markets could head lower:
“It looks like we could go down another one to two percent. Unfortunately, we’re in a seasonally bad period of the year, so we may still have some work to do on the downside.”
Shares of Oracle hit a record high in intraday trading but closed down six-tenths percent. The cloud services company signaled a recovery in client spending due to demand spurred by the work-at-home trend.
Peloton shares also reversed course to finish down 2%. A surge in subscribers and higher demand for its fitness products helped push the exercise bike maker’s quarterly revenue and profit past analysts’ estimates.
Next week, investors eyes will be on Apple as the iPhone maker is expected to launch new version of its core products at an event on Tuesday.