US benchmark equity indexes closed mixed Friday as investors evaluated the latest corporate earnings and economic data. The Dow Jones Industrial Average fell 0.6% to 42,114.4, while the Nasdaq Composite rose 0.6% to 18,518.6. The S&P 500 was little changed at 5,808.1. Utilities saw the steepest decline among sectors, while communication services led the gainers. For the week, the Dow dropped 2.7%, while the S&P 500 lost 1%.
The Nasdaq ticked up 0.2%. In company news, Mohawk Industries reported a significant decline in share prices, with nearly a 14% drop marking the biggest fall on the S&P 500. Late Thursday, the company issued a fourth-quarter earnings outlook that fell short of Wall Street estimates, causing investors to react negatively. HCA Healthcare's third-quarter results missed market expectations on Friday, heavily impacted by Hurricane Helene, which affected several of its facilities.
The hospital operator also advised that further hurricane-related setbacks are anticipated in the ongoing quarter, leading to an 8.9% decline in its share prices, positioning it as the third-worst performer on the S&P 500. Meanwhile, McDonald's shares experienced the steepest decline on the Dow, down 3%, after US health authorities reported an increase in E.
coli cases potentially linked to the company's Quarter Pounder hamburgers. As of Thursday, the number of reported cases had risen to 75 across 13 US states, with health officials suggesting that the actual number of sick individuals could be "much higher." In a significant downturn, Capri shares plummeted 49% following a court ruling that temporarily blocked the luxury fashion company's proposed acquisition by Tapestry, the owner of Coach and Kate Spade.
In an interesting twist, Tapestry shares surged 14%, making it the top gainer on the S&P 500, as investors reacted positively to the news. On a more positive note, Deckers Outdoor emerged as the second-best performer on the S&P 500, with an 11% rise after delivering a fiscal second-quarter beat late Thursday that exceeded expectations. In economic news, US durable goods orders fell in September, significantly affected by sharp declines in defense and civilian aircraft, according to government data.
A report from BMO highlighted that "Pop the hood and the September durable goods report reveals encouraging signs of life away from the gloom of nondefense aircraft orders." The report added that many months of brutal orders from Boeing have contributed to a 43.9% decline in nondefense aircraft orders compared to a year ago. US consumer sentiment this month rose to its highest level since April, and long-term inflation expectations eased, as shown by final results from the University of Michigan's Surveys of Consumers. In commodities, West Texas Intermediate crude oil prices increased by 2.1%, reaching $71.65 per barrel on Friday.
Gold prices rose by 0.2%, settling at $2,754.90 per troy ounce, while silver experienced a slight decline of 0.1%, trading at $33.76 per ounce..