U.S. Stocks Mixed as Social Media Weighs on Tech
2022.07.22 17:38
By Liz Moyer
Investing.com — U.S. stocks opened mixed on Friday as social media weighed down the tech sector.
At 9:55 AM ET, the Dow Jones Industrial Average was up 49 points, or 0.2%, while the S&P 500 was flat, and the NASDAQ Composite fell 0.4%.
Snap, Inc. (NYSE:SNAP) shares tumbled 35% after it said inflation and competition hurt advertising demand, and it declined to forecast results. It was its slowest ever sales growth as a publicly traded company. Snap, the owner of the disappearing message app Snapchat, said it’s going to cut back on hiring, as have other large media companies.
Twitter, Inc. (NYSE:TWTR) missed expectations for profit, revenue, and user growth and blamed its performance in part on its battle with Elon Musk for chasing away advertisers. The company is suing Musk in Delaware to force him to make good on his $44 billion takeover, which he wants to scrap.
Twitter shares rose 0.5%. Revenue of $1.18 billion fell short of the $1.33 billion forecast.
Other social media stocks were also falling, including Meta Platforms, Inc. (NASDAQ:META), down 5.6%.
In a broader view, so far 91 S&P 500 companies have reported earnings and more than three-quarters of them have beaten expectations, Reuters reported.
Oil rose. Crude Oil WTI Futures rose 0.2%, to $96.50 a barrel and Brent Oil Futures rose 0.5% to $104.40 a barrel. Gold Futures rose 1.2%, to $1,735 an ounce.
