Technology stocks fell and commodities shares recovered in after hours trading on Friday after the sectors showed the biggest market drops during the regular session.
Microsoft (NASDAQ:MSFT) led the Dow Jones Industrial Average in declines during the day as it dropped 3.36 percent. It continued to slide, losing 0.28 percent in after-hours trading at 6:29 p.m.
The giant software and electronics maker reported record earnings and revenues yesterday after the market closed. Fourth quarter revenues were $19.12 billion, up 14 percent year-on-year. Earnings of $6.66 billion, or $0.74 per share, were up from the $4.17 figure a year ago.
The firm reported stellar results for Windows 7, which became its fastest selling operating system. Investors sold off shares as the revenues of its operating system division did not overshadow the 2.8 percent year-on-year decrease of its business division and 10.9 percent year-on-year decrease of its entertainment division.
Apple (Nasdaq:AAPL) has been one of the steepest decliners over the past two days. It plunged 3.6 percent today in regular hours and continued drop, losing 0.55 percent in after-hours to trade at $191.00.
Apple's decline this week took it below its December 18, 2009 price, erasing any boost that it may have received from its stellar first quarter earnings and the unveiling of the new iPad device
Commodities stocks initially rose during the European session but were among the biggest decliners for the U.S. session. BHP Billiton (LON:BLT) stock listed on the London Stock Exchange closed up 1.28 percent and Rio Tinto (LON:RIO) gained 1.49 percent.
Meanwhile, American Depositary Receipts (ADRs) of the two European firms listed on the New York Stock Exchange closed down for the day. Other major commodities stock to close down for the day included Potash (NYSE:POT), Freeport-McMoRan (NYSE:FCX), and Mosaic (NYSE:MOS). The three stocks lost at least three percent.
In after-hours trading, commodities stocks were mixed. BHP fell 0.43 percent and Rio Tinto rose 0.51 percent. Potash was flat, Freeport-McMoRan rose 0.51 percent, and Mosaic fell 0.17 percent.