U.S. stocks are drifting lower in afternoon trading Friday as corporate earnings come in mixed, overcoming enthusiasm about a pickup in hiring last month. Escalating tensions in Ukraine are weighing on the market, too.
KEEPING SCORE: The Standard & Poor's 500 index fell nearly two points, or 0.1 percent, to 1,881 as of 3:02 p.m. on Wall Street. The Dow Jones industrial average lost 42 points, or 0.3 percent, to 16,517. The Nasdaq composite was unchanged at 4,127.
EYE ON UKRAINE: Investors are watching Ukraine, where pro-Russian insurgents in the eastern part of the country have shot down two Ukrainian helicopters in fighting with Ukrainian government forces. Early on Friday, the Ukrainian government launched what appears to be its first major offensive to regain control in the region. Russia said Ukraine's offensive "destroyed" a two-week-old agreement on defusing the crisis.
EARNINGS MISSED: LinkedIn fell $10.04, or 6 percent, to $151.18 after reporting its largest quarterly loss since going public. The professional networking service has been ramping up investments in projects aimed at attracting more users. The company has fallen out of favor as concerns about its expenses and slowing revenue growth increase.
JOBS NEWS: The U.S. Labor Department said employers added 288,000 jobs in April, about 70,000 more than expected. They also added more jobs in February and March than earlier estimated, according to the report. The unemployment rate fell to 6.3 percent, the lowest since September 2008. The drop mostly reflected more people who were out of work for six months or more deciding to abandon their job searches. People aren't counted as unemployed unless they're actively searching for work.
Another negative from the report: Wages were unchanged in April, after adjusting for inflation.
QUOTES: "It's nice to see strong employment growth, but the decline in the unemployment rate isn't so good because of what's behind it," said Dan Morris, global investment strategist at TIAA-CREF. "All these long-term unemployed with atrophying skills ... they're not coming back into the labor force." Brad Sorensen, director of market and sector research at Charles Schwab, said: "There isn't a ton of enthusiasm in the market."
BEAUTY BEAT: Estee Lauder rose $2.72, or nearly 4 percent, to $74.91 after reporting quarterly results that beat analysts' estimates. Earnings at the beauty products company jumped 19 percent, helped by strength in emerging markets.
WIN FOR WYNN: Wynn Resorts jumped $12.31, or 6 percent, to $218.94 after reporting that its first-quarter net income grew 12 percent. The company cited strong gambling revenues from its growing operations in Macau.
NO DEAL: The board of pharmaceutical company AstraZeneca on Friday rejected drugmaker Pfizer's latest takeover offer, calling it inadequate. Pfizer, the world's second-biggest drugmaker by sales, had proposed a $100 billion acquisition, its third attempt at buying AstraZeneca. Pfizer fell 47 cents, or 1.5 percent, to $30.68.
TREASURYS AND COMMODITIES: Bond prices rose. The yield on the 10-year Treasury note fell to 2.59 percent, near its lowest level of the year. The price of crude oil rose 34 cents to $99.76 per barrel.