Stocks fall as tech takes a beating
Reuters / Brendan McDermid
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.
Get the latest Intel stock price here.
- Overall performance may be quite volatile in FY21 due to coronavirus: Dr Reddy's
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- COVID-19: Australia's Victoria to close borders for 1st time in 100 yrs
- Airtel and Vodafone Idea's revenues take a hit due to Coronavirus lockdown
- Chinese troops are moving back from Galwan Valley but their heavy armoured vehicles are still present under India’s watchful eye