U.S. equities and stock exchange traded funds ended a seven-day streak Friday as industrial giant General Electric (NYSE:GE) dragged on the broader sector.
GE shares declined as much as 5.4% to their lowest level since October 2015 after the company revealed a nearly 60% decline in profits and lowered its 2017 profit forecast, reports Tanya Agrawal for Reuters.
The poor results weighed on the sector, with industrial companies in the S&P 500 down 0.3% Friday.
“We’ve had a good run for the last few weeks and investors are primarily digesting earnings today,” Erick Ormsby, chief executive of Alcosta Capital Management, told Reuters. “GE’s results were okay but they guided lower and that’s weighing on the market too.”
Many are waiting on tech names to report earnings, notably big tech companies including Amazon (NasdaqGS: AMZN), Alphabet (NasdaqGS: GOOGL) and Facebook (NasdaqGS: FB) slated to reveal quarterly results next week.