landsberg bennettStocks finished lower Friday with the S&P 500 and Nasdaq capping their worst weekly performance since May. Investors digested mixed corporate earnings results, while geopolitical tensions in the Middle East pressured the major averages. The Dow slipped 68 points, posting a 0.7% loss for the week. The S&P 500 shed 0.6%, bringing its weekly decline to 1.2%. The Nasdaq Composite dipped 0.7%, down 1.2% on the week.

In earnings, Microsoft edged higher after topping analyst profit estimates and revealing 39% year-over-year revenue growth in its cloud business. Kansas City Southern advanced 4.6% after the rail operator delivered an earnings beat. In other corporate news, Boeing climbed 4.5% despite the jet maker announcing a $4.9 billion write-off due to the ongoing 737 MAX aircraft issues. Anheuser-Busch InBev added 5.5% after announcing the sale of its Australian business unit for $11.3 billion.

Central bank rhetoric has also garnered attention this week, with New York Fed President John Williams stated that Fed officials needed to “act quickly” when an economic slowdown is observed in conjunction with lower interest rates. Williams later clarified his remarks by stating the speech was based on academic research and not meant to provide any specific policy guidance.

Treasuries posted a weekly gain, with the yield on the 10-year note down six basis points to 2.05%. On the data front Friday, the University of Michigan’s preliminary release revealed consumer sentiment edging higher in July. In commodities, WTI crude gained 0.6% to $55.63/barrel, still notching its worst week since May on inventory builds and demand concerns.