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S&P500 Fades Off New Record High

  • Stock markets made further progress Friday, with the Dow Jones Industrial Average outperforming thanks to a solid post-earnings contribution from American Express, which added near 5% on the back of record card spending.
  • The S&P500 traded broadly flat, but managed to notch up a new record high in early trade at 4560, with financials and consumer staples driving gains. Communication services were the notable laggards, with the likes of Facebook, Twitter and Alphabet sliding sharply on the back of a 25% slide in competitor Snap's share price.
  • Earnings season continues next week, with just shy of 50% of the S&P 500 by market cap due to report their performance. Highlights include Facebook, 3M, Eli Lilly, GE, Google, Visa, Microsoft and more.
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