The Nasdaq shed 225 points
A dismal earnings report from social media name Snap (SNAP) put an end to the tech sector's recent rally on Friday. All three major benchmarks snapped their three-day win streaks as a result, with the Dow losing 137 points as the S&P 500 and Nasdaq settled deep in the red as well. For the week, however, the three indexes still logged healthy gains. Also hurting stocks was the preliminary Purchasing Managers' Index (PMI) Composite output index, which came in at 47.5 for its lowest reading in more than two years. Meanwhile, the Cboe Volatility Index (VIX) logged its fifth-straight weekly loss.
Continue reading for more on today's market, including:
- Unpacking Snap's slowest sales growth ever.
- Dividend hike boosts Conagra Brands stock.
- Plus, unpacking Boston Beer stock's quarterly miss; semiconductor stock downgraded; and 5 weed stocks to watch.
The Dow Jones Average (DJI - 31,899.29) shed 137.6 points, or 0.4% for the day, but still gained 2% for the week. American Express (AXP) led the gainers, adding 1.9%, and Verizon Communications (VZ) paced the losers, shedding 6.7%.
The S&P 500 Index (SPX - 3,961.63) lost 37.3 points, or 0.9% for the day, and added 2.6% for the week. Meanwhile, the Nasdaq Composite (IXIC - 11,834.11) fell 225.5 points, or 1.9% for the session, and tacked on 3.3% for the week.
Lastly, the Cboe Market Volatility Index (VIX - 23.03) lost 0.08 point, or 0.4% for the day, and 5% for the week.
5 Things to Know Today
- Twitter (TWTR) partially blamed worse-than-expected earnings, revenue, and user growth on the “uncertainty” surrounding the company's acquisition. (CNBC)
- Covid-19 cases and hospitalizations in the U.S. are rising, signaling the pandemic is not yet over, as the BA.5 omicron subvariant becomes dominant. (MarketWatch)
- Analysts turn bearish on Boston Beer stock after earnings miss.
- This chip stock moved lower on a downgrade to "underweight."
- Don't hit the snooze button on these 5 cannabis stocks.
Gold Prices Snap 5-Week Losing Streak
While oil prices logged a modest 0.1% rise for the week, black gold finished lower on Friday. The commodity slipped below the psychologically significant $100 level, due to softening demand for gasoline. September-dated crude lost $1.65, or 1.7%, to finish at $94.70 per barrel on the day.
Gold prices logged a weekly win of 1.4%, snapping a five-week losing streak. Prices also settled at their highest level since July 13, as the U.S. dollar weakened. August-dated gold added $14, or 0.8%, to close at $1,727.40 an ounce on the day.