Stocks fall as tech takes a beating
Reuters / Brendan McDermid
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.
Get the latest Intel stock price here.
- A Google employee of 11 years says he and his wife stared at each other in 'disbelief' when they realized they'd both been laid off by the company
- A Google engineer of 8 years says his 'spidey-senses' detected incoming layoffs — and felt 'isolated' when his 'faceless' severance email arrived
- 6 signs that you're in a one-sided relationship and how to find balance
- Google may release Pixel Tablet Pro with Tensor G2 chip
- BMW launches its 3rd gen BMW X1 in India
- YouTube Music on the web gets mood filters
- Premium segment contributed 35% of overall smartphone market revenue in 2022
- US industry urges FM to rationalise, simplify direct and indirect taxes in India