NEW YORK — Wall Street is mostly quiet on Friday, and U.S. stocks are holding relatively steady, even if businesses around the world are scrambling to contain the effects of a disruptive technology outage.
American Express dropped 4.1% after its revenue for the latest quarter fell short of analysts’ forecasts. It was one of the heaviest weights on the S&P 500 despite reporting stronger profit than expected. Halliburton fell 4.1% after the provider of services to the energy industry matched analysts’ expectations for profit last quarter but missed for revenue. Its rival, SLB, added 3.7% after its profit topped expectations.
“This rotation can continue, but it doesn’t always have to be where they’re rising faster, it could be because they are falling less,” according to Brian Jacobsen, chief economist at Annex Wealth Management. “The eventual improvement in fundamentals of small and value could help cushion the downside and provide great long-term opportunities.”
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