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U.S. stocks opened lower on the last trading day of the month, following losses in Asia, as economic data confirming a U.S. growth rebound and mixed earnings results failed to boost shares.
The
fell 124 points, or 0.4%, while the
dropped 0.4%, and the
declined 0.4% as well.
A series of economic data on prices and personal income came in largely in line with or above expectations. Personal income, notably, rose 21% in March, above the expectations for a 20% rise, while personal spending climbed 4.2%, slightly more than expected. The Fed’s favored inflation gauge rose at a pace that was in line with economist forecasts.
The
and Hong Kong’s
fell by 0.8% and 1.9%, respectively on Friday. Shares of
and JD.com fell after regulators in China said they had summoned companies with online finance services and ordered them to beef up antimonopoly measures. Meanwhile, Chinese lenders such as
fell, as analysts said growth seemed muted.
Chinese manufacturing and nonmanufacturing purchasing managers indexes showed expansion in April, but well short of expectations, as global chip shortages weighed on manufacturers. A separate private gauge showed activity among smaller manufacturers picking up to its highest monthly level this year. China’s five-day Labor Day holiday begins on Saturday.
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Elsewhere, the eurozone economy entered its second technical recession in a year as growth domestic product fell by 0.6% in the first quarter. The
was little changed, as investors also weighed up a fresh batch of earnings.
(ticker: TWTR) shares plunged 13% after disappointing guidance from the social-media company.
Shares of
(AMZN) rose 1.1% after the e-commerce giant reported a blockbuster first quarter and said it sees further growth ahead.
Shares of
(WDC) were up 4%, after better-than-expected financial results for the disk drive and flash memory company’s fiscal third quarter.
Elsewhere, shares of
(AZN) climbed 4.9%, after reporting rising revenue and profits in a first quarter that was boosted by sales of its cancer drug. The U.K. drug company said it generated $275 million in sales from the Covid-19 vaccine it has developed with the University of Oxford.
(SPGI) stock was up 0.2% after reporting a profit of $3.39 a share, beating forecasts for $2.98 a share, on sales of $2 billion, above forecasts for $1.9 billion.
(CLX) stock fell 2.9% after reporting a profit of $1.62 a share, beating forecasts for $1.48 a share, on sales of $1.78 billion, below forecasts for $1.85 billion.
(CVX) stock fell 2.4% after reporting a profit of 90 cents a share, meeting forecasts, on sales of $32 billion above expectations for $31.8 billion.
(BMY) stock dropped 0.7% after getting downgraded to Equal Weight from Overweight at Morgan Stanley.
Write to Alexandra Scaggs at alexandra.scaggs@barrons.com and Jacob Sonenshine at jacob.sonenshine@barrons.com
