Conflicting results from US quarterly corporate earnings amid the better than expected US economic growth caused stock indices to fall modestly on Friday.
The US economy grew at an annual rate of 3.2% in the first quarter, faster than the 2.2% rate seen in the fourth quarter of 2018. Trade and the largest inventory accumulation of unsold goods in 4 years have been the catalyst of this first quarter growth.
Friday trade also brings to a conclusion the unrelenting bombardment of corporate first-quarter earnings which indicates a mixed picture about the state of US corporations but nevertheless has given wall street sufficient optimism.
As of 9:33 AM Friday, the Dow Jones Industrial Average had fallen 4 points (0.2%) to 26,411. The Nasdaq Composite Index dropped 54 points (0.7%) to 8,077. The S&P 500 Index dropped 5 points (0.2%) to 2,921.
For the week, the Dow is on a trajectory to record a weekly loss of 0.5%, the S&P 500 is on track to gain 0.6%, and the Nasdaq looks poised to gain 1.0%.