Finance
Stocks fall as tech takes a beating
Reuters / Brendan McDermid
Stocks got whacked Friday, with the Nasdaq Composite shedding
nearly 1.5%, after disappointing earnings reports from tech
giants Twitter
and Intel.
The dollar
and Treasury yields fell.
Here’s the scoreboard:
Dow Jones industrial
average:
25,452.89 −74.18
(-0.29%)
S&P
500:
2,818.19 −19.25 (-0.68%)
Nasdaq
Composite index: 7,737.78 -114.41
(-1.46%)
- The US economy grew at
its fastest pace since 2014 in the second
quarter. Gross domestic product rose at an
annualized pace of 4.1%, according to the Commerce Department,
bolstered by strong consumer spending and a boost in
exports. - Trade tensions appear to be
weighing on American consumers’ outlook. The
University of Michigan’s consumer-sentiment index fell to 97.9
in July from 98.2 the month before. The survey’s chief
economist said the dropoff came amid growing concerns about
tariffs. - CBS
said it’s investigating CEO Leslie Moonves amid reports that he
will be
accused of sexual misconduct in a forthcoming New Yorker
piece. The story is by Ronan Farrow, whose
reporting contributed to the arrest of movie mogul Harvey
Weinstein. Shares of the company plunged about 6% on
Friday. - Earnings season rolls on. Twitter posted
its third quarterly profit, but reported
losing about one million average monthly users and said it
expected the user base to continue shrinking. Shares of the
company dropped nearly 20% following the report. Intel
also
fell short of expectations and shed about 9%.
And a look at the upcoming economic calendar:
- Caterpillar
reports earnings. - Manufacturing numbers are out in China.
See also:
Get the latest Intel stock price here.
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