The NASDAQ fell Friday as investors digested a fresh batch of corporate earnings that included disappointing results from Snap, which sent social media shares reeling.
The Dow Jones Industrials gained 26.58 points to begin Friday at 32,063.28.
The S&P 500 picked up 39.05 points, or 1%, to 3,998.95.
The NASDAQ faded, however, 63.79 points to 11,995.81.
The three major averages are set for weekly gains, with the NASDAQ on course to close out the week 4.8% higher. The Dow is on track for a 2.9% advance, while the S&P 500 is set to rise 3.6%.
Shares of Snap plummeted a whopping 35% after the Snapchat parent posted second-quarter results that fell short of analysts’ expectations and noted that it plans to slow hiring. The report was followed by a slew of analyst downgrades on the stock.
The results from Snap weighed on other social media and technology stocks investors feared could get impacted by slowing online advertising sales. Shares of Meta Platforms and Pinterest fell 5% and 10%, respectively, while Alphabet lost more than 2%.
Twitter declined slightly after reporting disappointing second-quarter results that missed on earnings, revenue and user growth. The social media company blamed challenges in the ad industry, as well as “uncertainty” around Elon Musk’s acquisition of the company, for the miss.
Verizon dropped more than 4% after the wireless network operator cut its full-year forecast, as higher prices dented phone subscriber growth.
A robust report from American Express boosted the Dow. The credit card company jumped 5% after posting an earnings beat, citing record spending in travel and entertainment.
Nearly 21% of S&P 500 companies have reported earnings so far. Of those, 70% have beaten analyst expectations, according to FactSet.
Treasury prices moved sharply higher, lowering yields to 2.79%, from Thursday’s 2.90%. Treasury prices and yields move in opposite directions.
Oil prices gained 29 cents to $96.64 U.S. a barrel.
Gold prices moved up $24.20 to $1,737.60 U.S. an ounce.
