By Yasin Ebrahim
Investing.com -- The S&P 500 struggled for direction Friday, as investors weighed a surge in Amazon and mixed quarterly earnings ahead of results from big tech next week.
Amazon.com (NASDAQ: AMZN ) jumped more than 3% as its Whole Foods business is reportedly planning to cut hundreds of jobs as part of a restructuring.
Tesla (NASDAQ: TSLA ), meanwhile, steadied after a slump a day earlier as the electric vehicle maker said it would hike prices in the U.S., just a day after slumping more than 10% following disappointing quarterly results .
Still, the ongoing slew of mixed quarterly results weighed on investor sentiment, with materials the biggest loser on the day, driven by a slump in Freeport-McMoran Copper & Gold.
Freeport-McMoran Copper & Gold (NYSE: FCX ) reported quarterly results that topped estimates, but profit more than halved and the mining company warned of a further impact from ongoing labor shortages, sending its shares more than 5% lower.
Tech, meanwhile, continued to stutter as investors await the quarterly results from big tech next week.
Energy stocks sidestepped the uptick in oil prices as sentiment was soured by a more than 5% slump in Schlumberger NV (NYSE: SLB ) as the oil field services company’s better-than-expected Q1 results were overshadowed by weaker margins and cashflow.
Free cash flow for the quarter fell $265 million, missing Goldman Sachs’ estimates of $772M, driven by “stronger than expected use of cash in working capital,” Goldman Sachs said.
On the economic front, manufacturing activity picked up in April, climbing to a reading of 50.4 from 49.2 previously, signaling a return to expansion. Services activity also inched higher to a reading of 53.7 from 52.6 last month.
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