S&P 500 sheds nearly 1% Friday on Snap-led tech sell-off, but finishes higher on week – CNBC

The S&P 500 fell almost 1% on Friday, however accomplished the week greater, as buyers digested disappointing end outcomes from Snap that despatched social media shares reeling.

The Dow Jones Industrial Common misplaced 137.61 factors, or 0.43%, To three1,899.29. The S&P 500 declined 0.93% To three,961.63, whereas the Nasdaq Composite tradverted 1.87% decrease to 11,834.11.

These losses reduce into weekly positive elements for all three primary averages, with the Dow closing out the week almost 2% greater. The S&P 500 advertvanced about 2.6%, and the Nasdaq capped the week up 3.3%.

An earnings miss from Snap, which despatched shares tumbling about 39.1%, halted this week’s Nasdaq rally. Retailers, eyeing some greater-than-anticipated end outcomes from tech corporations, hadvert deliberated whether or not markets hadvert lastly found a backside.

“Snap has managed to snap the uptrend Inside the Nasdaq by reporting disappointing earnings, which has created a cascadverting influence on the S&P,” said Sam Stovall, chief funding strategist at CFRA Evaluation.

“That is simply an event of the volatility that buyers ought to anticipate as earnings are reported, and, subsequently, might set off fluctuations in prices in response To enhanced than or worse than end outcomes,” Stovall advertded.

The outcomes from the Snapchat mother or father have been advertopted by a slew of analyst downgradvertes on the inventory. Snap’s quarterly report furtherly weighed on completely different social media and tech shares, which buyers feared might face slowing Internet advertvertising gross sales.

Shares of Meta Platforms and Pinterest fell about 7.6% and 13.5%, respectively, whereas Alphabet misplaced 5.6%.

Twitter rose 0.8% regardless of reporting disappointing second-quarter end outcomes that missed on earnings, income and consumer progress. The social media agency blamed problems Inside the advert enterprise, As properly as to “unsurety” …….

Source: https://www.cnbc.com/2022/07/21/stock-market-futures-open-to-close-news-.html