U.S. stocks on Friday opened mostly lower after mixed economic data and better than expected results from Intel and JP Morgan did little to bolster sentiment. The Dow Jones Industrial Average fell 26 points to 10,684. The S&P 500 shed 2 points to 1,145. The Nasdaq Composite Index gained 2 points to 2,318. Intel had fabulous numbers last night. The stock traded higher last night, but now is trading lower. A similar result at JP Morgan Chase. Most of the techs and financials are lower. Software maker SAP and Fifth Third Bank are down over 2% on downgrades. Applied Materials, Seagate, Intel, JP Morgan, and Xilinx were all upgraded, but all are lower. AMD and Amazon are modestly higher on upgrades. Cabelas is modestly higher on an upgrade. After the first hour the averages pushed lower. The Dow dropped over 100 points. The Nasdaq declined 24 points. It looks like investors are selling on the news for this option expiration day.
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