Stocks got off to a mixed start on Wall Street on Friday. The S&P 500, which hit a record a day earlier, is still on track for its third consecutive weekly gain. The benchmark was little changed at first, as the Dow Jones Industrial Average was up 0.2% and the Nasdaq was down 0.3%. Intel sank after reporting lower revenues than analysts expected, and Snap fell sharply after saying its ad sales were affected by a privacy crackdown on Apple iPhones earlier this year. American Express advanced after posting strong results.
THIS IS A CURRENT UPDATE. AP’s previous story follows below.
Shares were mostly higher in Europe on Friday after a mixed session in Asia.
Benchmarks rose in Paris, London, Tokyo and Hong Kong. Shares fell in Shanghai and Seoul.
An official newspaper, the Securities Times, and other state media said on Friday that China Evergrande Group made a late bond payment.
Evergrande wired $ 83.5 million to account for a bond payment due on September 23, according to reports. The company’s Hong Kong-traded shares gained 4.3%.
The real estate developer’s struggle to reduce its 2,000 billion yuan ($ 310 billion) debt to comply with stricter official borrowing restrictions has raised fears that a default could trigger a financial crisis.
The payment news followed Evergrande’s announcement a day earlier that it was having difficulty selling assets to ease its liquidity crunch and that a plan to sell its real estate services arm had failed.
The German DAX gained 0.4% to 15,535.16. In Paris, the CAC 40 jumped 1.1% to 6,759.46, while the British FTSE 100 gained 0.4% to 7,220.57. The future of the S&P 500 was largely unchanged while the future of Dow industrials gained less than 0.1%.
On Thursday, the S&P 500 rose 0.3% to 4,549.78, its seventh consecutive gain. This eclipsed the record set on September 2. He’s on track for his third consecutive weekly win.
The Dow Jones slipped less than 0.1% to 35,603.08. It is just below its all-time high set on August 16. The Nasdaq gained 0.6% to 15,215.70, while the Russell 2000 rose 0.3% to 2,296.18.
In Asian trading on Friday, the Hang Seng in Hong Kong climbed 0.4% to 26,126.93 and the Shanghai Composite Index lost 0.3% to 3,582.60.
Tokyo’s Nikkei 225 gained 0.3% to 28,804.85, while Seoul’s Kospi lost less than 0.1% to 3,006.16. The Australian S & P / ASX 200 was flat at 7,415.50.
Investors continued to watch how problems in the global supply chain and rising prices affect corporate profits. Many companies have warned that such trends will hurt their operations. Wall Street is trying to gauge how much this will affect corporate profit growth and margins.
The 10-year Treasury yield remained stable at 1.69%.
In other exchanges on Friday, benchmark US crude oil rose 30 cents to $ 82.80 a barrel in electronic trading on the New York Mercantile Exchange. It fell 92 cents to $ 82.50 a barrel on Thursday.
Brent crude, used as the standard for world prices, rose 30 cents to $ 84.91 a barrel.
The US dollar slipped to 113.98 Japanese yen from 113.99 yen on Thursday night. The euro rose to $ 1.1639 from $ 1.1624.