U.S. indices had a rocky session Friday, but the major indices were able to hold onto their late rally to close the week in the green. The Dow was the lone index to close in the red.
The Dow Jones Industrial Average fell 0.05%, or 12 points to 24,310, while the Nasdaq gained 0.02%, or 1 point to 7,120, and the S&P 500 rose 0.11%, or 3 points to 2,670.
Technical Issues Force Toronto Stock Exchange to Cease Trading Friday
Widespread technical issues affecting all of the TMX exchanges forced the shutdown of trading, including on the Toronto Stock Exchange, Friday afternoon.
TMX Group, which runs the exchanges, sent out a tweet earlier today.
UPDATE - All TMX markets, including Montreal Exchange, are experiencing issues with trading, all users are equally impacted and are unable to connect to our Exchanges. We apologize for the inconvenience and continue to investigate. Further updates will be provided.— TMX Group (@TMXGroup) April 27, 2018
More than 177 million shares were traded on the Toronto Stock Exchange before the shut down, according to FactSet.
The exchange first reported issues at 11:15 AM ET and sent out updates throughout the day updating traders on the status of the exchange. TMX Group decided to shut down trading for good at 2:55 PM ET.
The Toronto Stock Exchange has regular trading hours between 9:30 AM ET and 4 PM ET, mirroring the hours of the New York Stock Exchange and Nasdaq.
Apple Weighs on Tech Sector Ahead of Next Week's Earnings
The tech sector is having a terrible week, leading the S&P 500 Information Technology sector to close five straight sessions (including last Friday) in the red, and Apple Inc. (AAPL) is to blame.
Apple is a key holding of the Action Alerts PLUS charitable trust.
Apple shares were down another 1.22% on Friday, adding to the 2.3% decline the stock has experienced this week. Apple's stock has fallen more than 4% year to date.
The problem with Apple is that people aren't confident that iPhone sales will be robust enough to keep the bears away.
Morgan Stanley analyst Katy Huberty wrote that she expects Apple to report an in-line March quarter in a note last week. Huberty lowered Morgan Stanley's June quarter iPhone sales estimate to 34 million from 40.5 million. Wall Street has a consensus estimate of 43 million iPhone sales.
Taiwan Semiconductor Manufacturing Co. (TSM) helped kick start the negative feelings towards the company last week when the Apple supplier issued a headwind warning.
The company said it was facing "weak demand" from mobile customers, forcing it to guide second-quarter revenue between $7.8 billion and $7.9 billion, well below Wall Street's estimates of $8.8 billion.
Wynn Resorts Could Drop 'Wynn' From Boston Harbor Project
Wynn Resorts (WYNN) could take its moniker off of the $2.5 billion casino resort it is building on the Boston Harbor as the company looks to distance itself from co-founder Steve Wynn in order to appease the Massachusetts Gaming Commision.
Wynn CEO Matt Maddox proposed renaming the Wynn Boston Harbor project to "Encore Boston Harbor" at a meeting with the MGC Friday. The regulatory body is deciding whether to allow the company to keep its Massachusetts gaming license in light of recent allegations against its patriarch.
Steve Wynn was accused of sexual assault by multiple women in a Wall Street Journal article earlier this year.
PPG to Cut 1,100 Jobs as Material Costs Increase
PPG Industries (PPG) announced plans to cut 1,100 jobs as part of an effort to reduce overhead amid rising costs for the raw materials it uses to make paints and coatings.
The company will take a pretax charge of as much as $85 million due to severance pay costs in the second quarter.
Earlier this month the Pittsburgh-based company reported a 9% increase in revenue to $3.8 billion while profits also rose to $353 million from $334 million a year ago.
Cost of Labor Rises 0.8% in the First Quarter
The employment cost index rose 0.8% in the first quarter, signaling that the cost of employing American workers is rising at its fastest pace since 2008.
Pay and benefits climbed to a yearly rate of 2.7% in the quarter. Wages rose 0.9% while benefits rose 0.7%.
The move up comes as the labor market tightens and unemployment levels reached historic lows in the quarter.
T-Mobile, Sprint Could Finalize Merger Next Week Report Says
A merger would combine the third and fourth largest carriers in the country into a company with more than 127 million customers.
Sprint and T-Mobile have done this dance for years and there is no guarantee that a deal will get done this time, sources told Reuters.
Sprint and T-Mobile have market caps of $24 billion and $55 billion, respectively. T-Mobile shares were up 3.7% premarket while Sprint shares jumped 7%.
U.K. Experiences Slowest Economic Growth Since 2012
The United Kingdom's GDP grew 0.1% in the first quarter, down from the 0.4% growth in the previous quarter as construction output and manufacturing faltered during the quarter.
The economy has grown every year since 2010 and unemployment is at a 40 year low, buy most economists had forecast first-quarter growth of 0.3%. This is the slowest first-quarter growth the U.K. has experienced since 2012.
The markets' strong showing Thursday may be a short-lived blip as U.S. futures were indicating lower opens for two of the three major indices Friday.
Dow futures were falling 0.38%, indicating an open 93 points lower, while S&P futures declined 0.15%, indicating an open 4 points lower, and Nasdaq futures gained 0.21%, indicating an open 14 points higher.
The major world markets were in the green across the board. The Shanghai Composite rose 0.23%, the Hang Seng rose 0.91% and the Nikkei gained 0.66%.
In Europe, the FTSE 100 rose 0.7%, the DAX gained 0.73% and the CAC 40 increased 0.19% with about four hours left in trading.