Investing.com– U.S. stocks traded in a mixed fashion Friday, as investors digested more quarterly corporate earnings, including stronger-than-expected numbers from streaming giant Netflix.
At 09:35 ET (13:35 GMT), the fell 135 points, or 0.3%, the index climbed 4 points, or 0.1%, and the gained 90 points, or 0.5%.
Netflix surges on Q3 beat
Netflix (NASDAQ:) shares rose over 8% after the streaming giant reported stronger-than-expected third-quarter earnings and also provided an upbeat outlook for the current quarter.
The firm added more subscribers than expected, with more people signing up for Netflix’s ads-based subscription tiers.
The earnings set a positive tone for upcoming prints from several technology firms in the coming week. Alphabet (NASDAQ:) is set to report on Tuesday, while Tesla (NASDAQ:) and Amazon (NASDAQ:) are due later in the week.
Elsewhere, American Express (NYSE:) stock dropped over 4% after the credit card giant reported third-quarter profit revenue below expectations and bigger provisions for credit losses, even as higher spending on its cards prompted an increase in full-year guidance.
Procter & Gamble (NYSE:) stock fell 0.4% after the household goods manufacturer missed expectations for first-quarter sales on Friday, as consumers in its major markets, the U.S. and China, switched to cheaper household and personal care brands.
On the economic front, investors will also monitor commentary scheduled from central bank officials including Atlanta Federal Reserve President and Minneapolis Fed President .
Chinese growth data
Investors also digested new growth data from China, as its economy expanded at a slower pace in the third quarter, highlighting the challenge facing Beijing as it attempts to reinvigorate sputtering activity in the country.
Chinese grew 4.6% year-on-year in the July-September period, in line with expectations but decelerating from 4.7% in the prior quarter. It was the lowest reading in 18 months, and below the government’s full-year target of 5%.
Beijing has announced a string of stimulus measures over the past three weeks, and this continued Friday with the People’s Bank of China launching new lending programs designed to boost share buybacks and other equity purchasing.
Crude set for weekly loss
Oil prices fell Friday, and were on course for their biggest weekly loss in more than a month on concerns around demand.
By 09:35 ET, the Brent contract dropped 1.4% to $73.42 per barrel, while U.S. crude futures (WTI) traded 1.5% lower at $69.59 per barrel.
Both benchmarks settled higher on Thursday for the first time in five sessions after data showed that official US inventories fell last week, but are still set to fall about 6% this week, their biggest weekly decline since Sept. 2.
Both and the cut their forecasts for global oil demand earlier this week due in large part to worries over economic weakness in top oil importer China.
(Ambar Warrick contributed to this article.)