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Home / Business / Stock market gets no boost from GDP, China News

Stock market gets no boost from GDP, China News



The stock market fought Friday morning despite strong Q1 GDP figures and conciliatory remarks from China about trading.




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Blue chips measured in the Dow Jones Industrial Average rose 0.1% Nasdaq was virtually flat. The large cap S & P 500 rose 0.2%.

Small caps in the Russell 2000 rose 0.5%.

The stock market volume declined on both major exchanges compared to the same time on Thursday, suggesting that the funds were not particularly active.

Big Names in the Stock Market Mostly Lost

Major players, who reported either late Thursday or early Friday, had mostly fallen. Coffee Retailer Starbucks (SBUX) fell 0.4%; Chipmaker Intel (INTC), about 10%; integrated oil game Exxon Mobil (XOM), 2.8%; and drug manufacturers AstraZeneca (AZN), about 3%.

Some bullish exceptions included Amazon.com (AMZN), which rose by about 2% in the first few minutes of trading, up 0.9% and the Dow Jones component Procter & Gamble (PG) by 2%.

Procter & Gamble seemed to be on the line, losing 0.4% for the week, but the blue-chip stock had declined a successful test of its 10-week line. The 10-week line is an area in which bullish funds will step in and stocks will stock up.

Amazon reached its tenth weekly profit over 11 weeks. The online retailer is working on a cup base, but Leaderboard has an early entry of 1,736.51.

Two Software Breakouts

Friday morning's breakouts included two shares in the software group: Coupa Software (COUP), up 3% at high volume; and China's Workday (WDAY), a 2% increase in trade 15% above normal.

Among the 197 IBD IBD industry groups, gold miners, medical care, food and tobacco achieved some of the morning's best results. Downside were semiconductor and oil stocks.

In the area of ​​Exchange Exchange Funds, the innovator IBD 50 ETF (FFTY) rose by 0.3%. Innovator Breakout Opportunities (BOUT) fell 0.3%.

Economic News

Real GDP for the first quarter rose 3.2%, outstripping the full range of estimates. The spread was between 1.4% and 2.8%.

The University of Michigan Consumer Rating April rating was 97.2, outperforming 97.1 consensus estimates. The Marching Mark in March was 96.9.

Xi's China speech

In a Beijing forum, China's leader Xi Jinping pledged concern over government subsidies, intellectual property rights, foreign investment and currency devaluation Thursday.

Xi's comments seemed to come from President Trump's book and suggested that a trade deal could be near.

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