US open: Stocks mixed as Nasdaq extends record gains

LONDON (ShareCast) - US stocks fluctuated on Friday, on the back of mixed corporate earnings from the previous session, while the Nasdaq further extending its foray in record territory. Just before 15:00 in London the Dow Jones Industrial Average was down 32 points, while the S&P 500 and the Nasdaq gained two and 47 points respectively.

US stocks edged higher on Thursday as investors digested a deluge of mixed earnings and disappointing economic data, while the Nasdaq Composite closed up 0.4% to its highest ever finish at 5,056.06.

"The Nasdaq Composite's ride to new all-time highs is demonstrative of a new era in US tech company dominance within the US stock market," said Jasper Lawler, analyst at CMC Markets.

"It was no coincidence that the tech-heavy index broke its highs set at the peak of the dot-com bubble in a week when some of its core components were reporting another quarter of huge earnings growth." In corporate news, Amazon jumped 13.8% in pre-market trading afters its quarterly results beat estimates late on Thursday, while Starbucks (Swiss: SBUX.SW - news) rose 3.4% ahead the bell on the back a 18% increase in revenue in the second quarter.

Google 's quarterly earnings missed estimates but shares in the tech giant climbed 4% ahead of the opening bell, while Microsoft (NasdaqGS: MSFT - news) jumped 5.8% in pre-market as its third quarter revenue rose 5% to $12.8bn, above expectations of a $12.4bn reading.

Juniper Networks (NYSE: JNPR - news) jumped 8.9% after the maker of networking gear posted better-than-expected results and guidance.

US durable goods orders rose more than expected in March, driven by demand for autos, commercial jets and military hardware.

Orders increased 4% last month, compared to a 1.4% drop in February and analysts' estimates for a 0.6% gain.

"The 4.0% month-on-month rise in durable goods orders in March was entirely due to a sharp rise in transportation orders and suggests that business investment in equipment remains weak," said Capital Economics assistant economist Adam Collins.

Elsewhere, Asian markets ended the week on a mixed note, with Hong Kong's Hang Seng rising 0.84%, while the Nikkei and the Shanghai Composite pulling back from record levels.

A better-than-expected report on German business confidence gave European stocks a boost at midday trading on Friday as the market zoomed in on Greek discussions between the Eurogroup in Riga.

The dollar fell 0.43% against the yen and declined 0.69% and 0.26% against the pound and the euro respectively, while gold futures slid 0.58% to $1,187.40.

Oil prices were mixed, with West Texas Intermediate losing 1.55% to $56.86 a barrel, while Brent crude was flat at $64.86 a barrel.