Day Traders Diary
The major averages closed mixed with the S&P 500 eking out a narrow gain in Friday's session but still had the worst week in nearly two months. The broad index closed up 8 points while the Nasdaq Composite slipped 71 points or 0.6%. The Dow Jones Industrial Average rose 169 points to 33,869.
Each major index ended the week with losses. Down 1.1%, the S&P 500 posted its first weekly decline in three weeks. It was the index's largest one-week loss since December. Meanwhile, the Dow and Nasdaq Composite shed 0.2% and 2.4%, respectively.
Investors digested the most recent interest rate hike, economic data and recent commentary from Federal Reserve speakers, said Shana Sissel, founder of Banríon Capital Management. That caused intraday moves, she said, as investors changed positions wile predicting how the central bank will act on interest rates going forward.
"There's some mixed signals here, which I think is why volatility is up," Sissel said. "There's not really a consensus coming out with leading indicators that give you a lot of confidence of what's coming next. And the markets hate that."
Ride-hailing platform Lyft tanked more than 35% after a disappointing fiscal fourth-quarter report. Expedia also saw its shares fall by more than 9% after its earnings and revenue fell below analysts' expectations.
Those are the latest reports in what has been considered an underwhelming quarter by Wall Street. With nearly 70% S&P 500 companies reporting, around 70% of those companies beat analyst expectations for the quarter. That's a smaller share of companies surpassing expectations than the three-year historical average of 79%, according to The Earnings Scout.
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