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Markets Right Now: Stocks give up an early gain, close lower

NEW YORK (AP) — The latest on developments in financial markets (all times local):

4 p.m.

Stocks gave up an early gain and are closing broadly lower, giving the market its first weekly loss after two weeks of gains.

Indexes set record highs on Monday but then wobbled for the rest of the week.

Traders assessed a mixed bag of earnings reports from big companies Friday including Microsoft and American Express.

They're also trying to guess how much the Federal Reserve will cut interest rates at the end of July.

USA Today publisher Gannett soared 20% following reports that it was close to a deal to combine with GateHouse Media.

The S&P 500 fell 18 points, or 0.6%, to 2,976.

The Dow Jones Industrial Average lost 68 points, or 0.3%, to 27,154. The Nasdaq gave up 60 points, or 0.7%, to end at 8,146.

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11:45 a.m.

Stocks gave up early gains and were little changed at midday on Wall Street as losses for health care companies offset gains in technology.

Merck slipped 1.1% Friday while Microsoft rose 1.4% after blowing past analysts' earnings forecasts thanks to big gains in its cloud computing business.

Markets have been volatile throughout the week as investors assess corporate earnings reports. The S&P 500 closed at a record high on Monday and then wobbled from there.

USA Today publisher Gannett soared 20% after The Wall Street Journal reported that it was nearing a deal to combine with fellow newspaper publisher GateHouse Media.

The S&P 500 index slipped 1 point to 2,993.

The Dow Jones Industrial Average rose 43 points, or 0.2%, to 27,267. The Nasdaq was little changed at 8,205.

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9:35 a.m.

Industrial and technology companies are leading stocks slightly higher on Wall Street, narrowing the market's losses for the week.

Microsoft rose 2.1% in early trading Friday after reporting blowout earnings driven by gains in its cloud computing business.

USA Today publisher Gannett soared 21% after The Wall Street Journal reported that it was nearing a deal to combine with fellow newspaper publisher GateHouse Media.

Markets have been drifting for much this week after setting a record high on Monday.

The S&P 500 index rose 9 points, or 0.3%, to 3,004.

The Dow Jones Industrial Average rose 104 points, or 0.4%, to 27,323. The Nasdaq climbed 31 points, or 0.4%, to 8,239.

Bond prices fell. The yield on the 10-year Treasury rose to 2.05%.