US stocks retreated on Friday, snapping a three-day winning streak, as some surprisingly weak quarterly updates from companies spooked investors.
The S&P 500 fell 37.32 points, or 0.9%, to 3961.63 a day after the broad benchmark index jumped 1%. The Dow Jones Industrial Average edged down 137.61 points, or 0.4%, to 31899.29, and the Nasdaq Composite declined 225.50 points, or 1.9%, to 11834.11. Despite Friday\u2019s losses, all three indexes posted weekly gains.<\/p>\n\n\n\n
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Shares of social media firms fell sharply on Friday after Twitter and Snapchat’s owner signaled advertisers had tightened their purse strings in response to a darkening economic outlook.<\/p>\n\n\n\n
Pinterest plunged 11.3%, Facebook-owner Meta Platforms dropped 5.6%, Google-owner Alphabet Inc (GOOGL.O), which also sells ads online, fell 3.3%.<\/p>\n\n\n\n
At current prices Pinterest, Meta, Twitter, Alphabet and Snap were collectively set to lose about $42 billion in market value.<\/p>\n\n\n\n
Twitter also blamed its ongoing battle to close its $44-billion acquisition by Elon Musk for the surprise fall in quarterly revenue. The micro-blogging site’s shares were down 0.1% in choppy trading.<\/p>\n\n\n\n
Advertisers have pared back spending amid rising interest rates and surging inflation as some of them struggle with labor shortages and supply chain disruptions, Snap Inc said on Thursday.<\/p>\n","protected":false},"excerpt":{"rendered":"
US stocks retreated on Friday, snapping a three-day winning streak, as some surprisingly weak quarterly updates from companies spooked investors.The S&P 500 fell 37.32 points, or 0.9%, to 3961.63 a day after the broad benchmark index jumped 1%. The Dow Jones Industrial Average edged down 137.61 points, or 0.4%, to 31899.29, and the Nasdaq Composite …<\/p>\n","protected":false},"author":13,"featured_media":52018,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[39,36],"tags":[68,8220,9847,9846,7003,8439,6862],"class_list":["post-68935","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-global-stock-markets","category-market-updates","tag-google","tag-meta","tag-pinterest","tag-snap","tag-twitter","tag-us-equities","tag-wall-street"],"_links":{"self":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/68935","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/users\/13"}],"replies":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/comments?post=68935"}],"version-history":[{"count":3,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/68935\/revisions"}],"predecessor-version":[{"id":68941,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/68935\/revisions\/68941"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media\/52018"}],"wp:attachment":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media?parent=68935"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/categories?post=68935"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/tags?post=68935"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}