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NASDAQ futures fell Friday as investors digested a fresh batch of corporate earnings that included disappointing results from Snap, which sent social media shares reeling.
Futures for the Dow Jones Industrials picked up 71 points, or 0.2%, early Friday to 32,078.
Futures for the S&P 500 decreased 2.75 points, or 0.1%, to 3,998.50.
Futures for the NASDAQ Composite dropped 30 points, or 0.2%, to 12,610.
Those moves follow what has been a strong week for markets, fueled by a rally in tech stocks. The NASDAQ is on course to close out the week 5.3% higher.
The Dow is on track for a 2.4% weekly gain, while the S&P 500 is set for a 3.5% gain.
Shares of Snap plummeted a whopping 28% in extended trading 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 decreased 4.4% and Pinterest fell 6.3% in the premarket, while Twitter and Alphabet each lost more than 2%.
American Express jumped 3% in the pre-market after reporting an earnings beat. The credit card company cited high spending in travel and entertainment.
Verizon dropped more than 4% in pre-market trading after the wireless network operator cut its full-year forecast, as higher prices dented phone subscriber growth.
Twitter fell 2% in the pre-market 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.
Nearly 21% of S&P 500 companies have reported earnings so far. Of those, 70% have beaten analyst expectations.
In Japan, the Nikkei 225 crept up 0.4% Friday. In Hong Kong, the Hang Seng increased 0.2%
Oil prices declined 80 cents to $95.55 U.S. a barrel.
Gold prices hiked $12.40 to $1,725.86 U.S. an ounce.
