US close: Stocks lower as earnings heavy week comes to an end
Wall Street stocks closed lower on Friday as a busy week for corporate earnings drew to a close.
At the close, the Dow Jones Industrial Average was down 0.43% at 31,899.29, while the S&P 500 was 0.93% softer at 3,961.63 and the Nasdaq Composite saw out the session 1.87% weaker at 11,834.11.
The Dow closed 137.61 points lower on Friday, taking a bite out of gains recorded in the previous session.
Corporate earnings continued to be the session's primary focus on Friday, with shares in Snapchat parent company Snap losing more than a quarter of their value in extending trading after the group posted second-quarter results overnight that failed to meet expectations on the Street and said it now plans to slow hiring.
Elsewhere, Twitter said on Friday that it swung to a loss of $270.0m in the second quarter as revenue dipped 1% to $1.18bn, with the social media platform highlighting uncertainty surrounding the pending acquisition by Tesla owner Elon Musk.
American Express posted a huge earnings beat, driven by strong customer spending throughout the quarter, while Verizon cut full-year forecasts after posting a huge wireless miss.
Also drawing an amount of investor attention was news that Ukraine and Russia had agreed to sign a deal to restart their grain exports after the cessation thereof caused a threat to soft commodities' supply.
On the macro front, business activity in the US shrank unexpectedly in July for the first time since mid-2020, with S&P Global's services sector purchasing managers' index declining from a reading of 52.7 in June to 47.0 in July - short of consensus estimates for a print of 51.0.
The comparable PMI for manufacturing fared a tad better than expected, printing at 52.3, down from June's level of 52.7 but above the 52.0 forecast by economists, while a composite index tracking output levels in both factory and services fell from 52.3 to 47.5.
Reporting by Iain Gilbert at Sharecast.com
Dow Jones - Risers
American Express Co. (AXP) $153.01 1.88%
Procter & Gamble Co. (PG) $143.02 1.60%
International Business Machines Corporation (CDI) (IBM) $128.25 0.87%
Home Depot Inc. (HD) $306.59 0.52%
Walgreens Boots Alliance, Inc. (WBA) $38.66 0.52%
Johnson & Johnson (JNJ) $172.12 0.47%
Coca-Cola Co. (KO) $61.59 0.37%
McDonald's Corp. (MCD) $253.99 0.21%
3M Co. (MMM) $134.12 0.13%
Amgen Inc. (AMGN) $245.95 0.07%
Dow Jones - Fallers
Verizon Communications Inc. (VZ) $44.45 -6.74%
Intel Corp. (INTC) $39.20 -3.47%
Nike Inc. (NKE) $109.12 -2.24%
Boeing Co. (BA) $158.16 -2.01%
Microsoft Corp. (MSFT) $260.36 -1.69%
Salesforce.Com Inc. (CRM) $182.47 -1.55%
Walt Disney Co. (DIS) $102.72 -1.40%
Caterpillar Inc. (CAT) $178.62 -1.31%
Visa Inc. (V) $213.87 -1.15%
Dow Chemical Co. (DOW) $50.85 -1.07%
S&P 500 - Risers
Schlumberger Ltd. (SLB) $35.07 4.28%
PPG Industries Inc. (PPG) $127.73 3.89%
Philip Morris International Inc. (PM) $95.93 2.50%
D. R. Horton Inc. (DHI) $77.39 2.06%
CMS Energy Corp. (CMS) $65.18 1.97%
American Express Co. (AXP) $153.01 1.88%
Digital Realty Trust (DLR) $127.42 1.85%
Welltower Inc (WELL) $82.83 1.84%
DTE Energy Co. (DTE) $123.75 1.84%
Dominion Energy Inc. (D) $77.35 1.83%
S&P 500 - Fallers
Svb Financial Group (SIVB) $361.36 -17.15%
Seagate Technology Plc (STX) $76.83 -8.11%
Meta Platforms Inc. (META) $169.27 -7.59%
Nektar Therapeutics (NKTR) $3.68 -7.30%
Mattel Inc. (MAT) $22.45 -7.12%
Robert Half International Inc. (RHI) $77.05 -6.83%
Nucor Corp. (NUE) $119.86 -6.74%
Verizon Communications Inc. (VZ) $44.45 -6.74%
Align Technology Inc. (ALGN) $265.88 -6.46%
Western Digital Corp. (WDC) $47.22 -6.37%
Nasdaq 100 - Risers
NortonLifeLock Inc. (NLOK) $25.43 1.68%
Liberty Global plc Series A (LBTYA) $21.78 1.26%
J.B. Hunt Transport Services Inc. (JBHT) $173.75 1.08%
Mondelez International Inc. (MDLZ) $61.99 1.04%
Automatic Data Processing Inc. (ADP) $220.34 1.03%
Kraft Heinz Co. (KHC) $38.32 0.97%
Comcast Corp. (CMCSA) $42.60 0.78%
Fiserv Inc. (FISV) $99.87 0.70%
Walgreens Boots Alliance, Inc. (WBA) $38.66 0.52%
Liberty Global plc Series C (LBTYK) $22.67 0.35%
Nasdaq 100 - Fallers
Seagate Technology Plc (STX) $76.83 -8.11%
Meta Platforms Inc. (META) $169.27 -7.59%
Align Technology Inc. (ALGN) $265.88 -6.46%
Western Digital Corp. (WDC) $47.22 -6.37%
Alphabet Inc. Class C (GOOG) $108.36 -5.81%
Intuitive Surgical Inc. (ISRG) $211.85 -5.74%
Alphabet Inc. Class A (GOOGL) $107.90 -5.63%
NetEase Inc. Ads (NTES) $95.06 -4.94%
Hasbro Inc (HAS) $81.13 -4.33%
Nvidia Corp. (NVDA) $173.19 -4.05%