US close: Stocks finish on mixed note, despite weak Chinese data

Wall Street finished on a mixed note on the 31st anniversary of the 1987 stock-market crash, as a rebound in Chinese equity benchmarks overnight helped relieve some concerns regarding dwindling global growth, despite Beijing having reported the nation's softest rate of economic expansion in nearly a decade.

By the end of trading on Friday, the Dow Jones Industrial Average was 0.26% or 64.89 points higher at 25,444.34, while the S&P 500 had dipped 0.04% or 1.0 point to 2,767.78 and the Nasdaq Composite was 0.48% or 36.11 points down to 7,449.83.

Konstantinos Anthis, head of research at ADSS, said: "Even though the political agenda in Europe and the US is filled with risks investors seem to be looking for bargains at the end of the week.

"The earnings season is progressing well and this improves risk sentiment for equity investors that view the recent losses as an opportunity to buy promising stocks at a discount and target a long-term return."

Chinese growth figures were in focus as they showed that the economy slowed more than expected in the third quarter, with annualised GDP coming in at 6.5%, its weakest quarter since the Global Financial Crisis in 2009, and below expectations of 6.6%. Still, Chinese stocks China rallied after the regulator stepped in with fresh measures to support liquidity and investment.

"Growth of 6.5% rather than 6.6% is a pretty nice problem to have but the trade war with the US, higher debt levels and a depreciating currency remain a concern," said Neil Wilson, chief market analyst at Markets.com.

Investors were also keeping an eye on escalating tensions between the US and Saudi Arabia as Treasury Secretary Steven Mnuchin announced on Thursday his decision to pull-out of an investment conference in Riyadh following the disappearance of Saudi journalist Jamal Khashoggi.

To take note of, in a speech, Atlanta Fed chief, Raphael Bostic, cautioned of the potential for sanctions against Saudi to upset oil markets.

Elsewhere, the US 10-year Treasury yield increased by one basis point to 3.19%, while that on the two-year note was up by three points to 2.90%.

According to Dallas Fed President, Robert Kaplan, the US central would need to raise rates twice or "more likely" three times before reaching a "neutral" level.

However, Kaplan said he was not yet convinced of the need to push past neutral.

In corporate news, Honeywell slipped 1.11% even as its third-quarter profit beat expectations and the company lifted its forecasts for annual cash flow and margins.

PayPal surged 9.42% at the bell after the payment company's third-quarter earnings and revenue surpassed analysts' expectations.

However, eBay shares slumped 8.87% after analysts downgraded it from 'buy' to 'hold' on the back of PayPal's earnings release, which suggested the online retailer would post disappointing gross merchandise volume when it reports on 30 October.

Consumer goods group Procter & Gamble jumped 8.8% after the release of its first-quarter numbers, and oilfield services company Schlumberger edged up 0.07% after its third-quarter earnings beat expectations, but missed on revenues.

AIG dropped 2.9% following the insurance giant's announcement that it expects to post $1.5bn to $1.7bn in pre-tax catastrophe losses, while American Express gained after it turned in third-quarter earnings that beat estimates, leading it lift its full-year outlook

On the data front, America's residential real estate markets continued to cool in September with activity slowing to a three-year low on the back of higher interest rates on mortgages.

According to the National Association of Realtors, existing home sales declined by 3.4% month-on-month to reach an annualised rate of 5.15m (consensus: 5.31m)

Last month's decline also pushed the pace of sales below its year-earlier level of 5.37m.

"A decade's high mortgage rates are preventing consumers from making quick decisions on home purchases. All the while, affordable home listings remain low, continuing to spur underperforming sales activity across the country," said NAR's chief economist, Lawrence Yun.

Home sales have fallen six months in a row as a lack of properties for sale has pushed up prices, forcing many would-be homeowners out of the game.

Dow Jones - Risers

Procter & Gamble Co. (PG) $87.30 8.80%
American Express Co. (AXP) $106.74 3.78%
Walt Disney Co. (DIS) $118.90 2.34%
Verizon Communications Inc. (VZ) $54.89 1.72%
Coca-Cola Co. (KO) $46.32 1.58%
Apple Inc. (AAPL) $219.31 1.52%
Pfizer Inc. (PFE) $44.48 1.14%
Walgreens Boots Alliance, Inc. (WBA) $77.35 1.01%
Goldman Sachs Group Inc. (GS) $226.90 0.89%
Travelers Company Inc. (TRV) $126.08 0.75%

Dow Jones - Fallers

Caterpillar Inc. (CAT) $131.30 -3.30%
Nike Inc. (NKE) $74.20 -2.98%
Intel Corp. (INTC) $44.00 -2.16%
Dowdupont Inc. (DWDP) $57.49 -1.86%
International Business Machines Corp. (IBM) $129.10 -1.11%
Boeing Co. (BA) $356.09 -0.86%
Unitedhealth Group Inc. (UNH) $265.19 -0.61%
Home Depot Inc. (HD) $179.85 -0.33%
Johnson & Johnson (JNJ) $138.99 -0.32%
3M Co. (MMM) $199.81 -0.28%

S&P 500 - Risers

Interpublic Group of Companies Inc. (IPG) $24.65 9.65%
Paypal Holdings Inc (PYPL) $84.78 9.42%
Procter & Gamble Co. (PG) $87.30 8.80%
Synchrony Financial (SYF) $31.36 5.80%
CenturyLink Inc. (CTL) $21.99 4.52%
Citizens Financial Group, Inc. (CFG) $36.37 4.15%
American Express Co. (AXP) $106.74 3.78%
Kraft Heinz Co. (KHC) $57.56 3.64%
Campbell Soup Co. (CPB) $37.93 3.44%
Invesco Ltd. (IVZ) $21.98 3.39%

S&P 500 - Fallers

VF Corp. (VFC) $77.76 -12.90%
State Street Corp. (STT) $72.82 -11.36%
Valero Energy Corp. (VLO) $92.72 -10.58%
Snap On Inc. (SNA) $150.50 -10.19%
eBay Inc. (EBAY) $28.75 -8.87%
Marathon Petroleum Corporation (MPC) $73.93 -6.20%
Phillips 66 Common Stock (PSX) $102.75 -5.82%
Noble Energy Inc. (NBL) $29.21 -4.85%
Signet Jewelers Ltd (SIG) $53.58 -4.42%
Nvidia Corp. (NVDA) $229.17 -4.33%

Nasdaq 100 - Risers

Paypal Holdings Inc (PYPL) $84.78 9.42%
Kraft Heinz Co. (KHC) $57.56 3.64%
Incyte Corp. (INCY) $66.06 2.51%
Mondelez International Inc. (MDLZ) $41.80 1.85%
DENTSPLY Sirona Inc. (XRAY) $36.28 1.71%
J.B. Hunt Transport Services Inc. (JBHT) $111.63 1.59%
Apple Inc. (AAPL) $219.31 1.52%
Dish Network Corp. (DISH) $34.91 1.48%
Vodafone Group Plc ADS (VOD) $20.20 1.46%
T-Mobile Us, Inc. (TMUS) $69.75 1.43%

Nasdaq 100 - Fallers

eBay Inc. (EBAY) $28.75 -8.87%
Nvidia Corp. (NVDA) $229.17 -4.33%
Netflix Inc. (NFLX) $332.67 -4.05%
Electronic Arts Inc. (EA) $102.11 -3.49%
Take-Two Interactive Software Inc. (TTWO) $122.45 -3.48%
Intuitive Surgical Inc. (ISRG) $504.26 -3.45%
Wynn Resorts Ltd. (WYNN) $110.20 -3.22%
Align Technology Inc. (ALGN) $312.79 -3.18%
Autodesk Inc. (ADSK) $133.18 -2.99%
Biogen Inc (BIIB) $320.41 -2.95%