WASHINGTON (dpa-AFX) - The major U.S. stock indexes have moved in opposite
directions during trading on Friday, with the tech-heavy Nasdaq extending a
recent downward trend while the Dow adds to yesterday's modest gain.

Currently, the Nasdaq is just off its worst levels of the day, down 138.43
points or 0.9 percent at 15,463.07. The S&P 500 is also down 10.05 points or 0.2
percent at 5,001.07, with both indexes moving lower for the sixth straight day.

The narrower Dow, on the other hand, is climbing 195.41 points or 0.5 percent at
37,970.79 after inching up by 0.1 percent on Thursday.

The notable decline by the Nasdaq partly reflects a steep drop by shares of
Netflix (NFLX), with the streaming giant plunging by 7.0 percent.

Netflix is under pressure after reporting better than expected first quarter
results but providing disappointing revenue guidance.

Computer hardware stocks are also seeing considerable weakness on the day,
dragging the NYSE Arca Computer Hardware Index down by 1.9 percent.

Significant weakness is also visible among semiconductor stocks, as reflected by
the 1.2 percent loss being posted by the Philadelphia Semiconductor Index.

Meanwhile, the Dow is benefiting from a notable advance by shares of American
Express, with the financial services giant jumping by 4.3 percent.

The jump by American Express comes after the company reported first quarter
results that exceeded expectations on both the top and bottom lines.

Banking stocks are also turning in a strong performance on the day, driving the
KBW Bank Index climbing by 1.6 percent.

An increase by the price of crude oil is also contributing to strength among
energy stocks after Israel launched retaliatory strikes against Iran.

Crude oil soared overnight but has given back ground after Iranian state media
downplayed the attacks, saying explosions heard in Isfahan were a result of the
activation of Iran's air defense systems.

In overseas trading, stock markets across the Asia-Pacific region moved sharply
lower during trading on Friday. Japan's Nikkei 225 Index plunged by 2.7 percent,
while Hong Kong's Hang Seng Index slumped by 1.0 percent.

The major European markets have also moved to the downside on the day. While the
German DAX Index has fallen by 0.6 percent, the U.K.'s FTSE 100 Index and the
French CAC 40 Index are both just below the unchanged line.

In the bond market, treasuries have pulled back off their early highs but
continue to see modest strength. As a result, the yield on the benchmark
ten-year note, which moves opposite of its price, is down by 2.4 basis points at
4.623 percent.



Copyright(c) 2024 RTTNews.com. All Rights Reserved

Copyright RTT News/dpa-AFX