Street Opened Flat on Tech, Oil Weakness

U.S. stocks opened flat on Friday, as strong earnings from industrials General Electric and Honeywell were offset by declines in technology stocks and oil price. The Dow Jones Industrial Average lately fell 38.12 points, or 0.15%, to 24,626.77. The S&P 500 was down 6.54 points, or 0.24%, to 2,686.59. The Nasdaq Composite dropped 140.28 points, or 0.61%, to 7,197.78.

Oil gave up early gains Friday after President Donald Trump took to Twitter to blame OPEC for “artificially high” prices. May West Texas Intermediate crude gave up a small gain to fall 60 cents, or 0.8%, to $67.75 a barrel. Global crude benchmark June Brent fell 44 cents, or 0.6%, to $73.34 a barrel.

General Electric Co (GE) posted quarterly results that topped expectations on Friday. GE earned an adjusted 16 cents per share, up from a restated 14 cents a share a year earlier.

The Consumer Financial Protection Bureau (CFPB) and the Office of the Comptroller of Currency (OCC) announced a combined fine of $1 billion against Wells Fargo (WFC) on Friday. The consent orders from the two agencies described how the bank unfairly disregarded its advertised process of locking-in interest rates for mortgages, as well as unfairly foisting insurance on customers taking out auto loans.