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Tech shares pummel the Nasdaq

Friday, April 22, 2016 - 01:17

Weak earnings from Microsoft and Alphabet hurt the Nasdaq on Friday. Fred Katayama wraps up the market action.

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Tech stocks took their toll on the Nasdaq on the final trading session of the week. The Dow and S&P 500 finished flat. Microsoft the biggest drag on all three indexes. Google parent Alphabet also losing ground. Both companies results after the close Thursday fell short of forecasts. For the week, the Dow and S&P 500 gained slightly, but the Nasdaq lost more than a half percent. Katie Stockton of BTIG: (SOUNDBITE) KATIE STOCKTON, CHIEF TECHNICAL ANALYST, BTIG (ENGLISH) SAYING: You know sell in May go away. There is some seasonal issues as we approach May here in terms of you know just people's sentiment going into the summer months but if we do see a failure to penetrate this 2090 level the initial support level on the downside would be roughly guaged by the 200 day moving average. Below that, then you get back into that 1950 range, so I think it could get worse before it gets better." McDonald's stock was on investors' menus. All-day breakfast is working for the restaurant chain, beefing upsales even more than expected. Starbucks got a jolt to the downside a day after reporting disappointing quarterly sales. GE shares falling, after a drop in quarterly organic revenue raised questions about the company's full-year target. In Europe: stocks fell on disappointing results from Daimler. The automaker also said it would investigate its U.S. emissions certification process.

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Tech shares pummel the Nasdaq

Friday, April 22, 2016 - 01:17