(As of 7:25 am PST)
After a record week on the stock market investors are
taking profits in a data light session on Friday. There are no major economic reports on the
calendar today. Poor earnings from some
big names are sending stocks lower. In
the after-market yesterday, Microsoft and Google reported disappointing results
on revenue and earnings. Shares of
Microsoft are down 9% while shares of Google are down 3.7%. The two tech giants are dragging the tech
heavy Nasdaq down with them, with the index down nearly 1%. Shares of Chipotle are up 6.5% topping the
S&P500 as Q2 earnings beat analysts expectations. International markets are taking profits as
well, with most of Asia closing in the red and Europe lower going into the
final hour of trading. Gold continues
its march up along with oil. Treasury
prices also moved higher as investors sold stocks. Expect a down day today as traders lock in
gains and rebalance portfolios after two weeks of solid returns.
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