A The dismal earnings report from social media name Snap (SNAP) ended the tech sector’s recent rally on Friday. The three main benchmarks broke their three days of consecutive victories as a result, the Dow Jones lost 137 points as the S&P 500 and Nasdaq also settled deep into the red. For the week, however, all three indices still posted healthy gains. The preliminary Composite Purchasing Managers’ Index (PMI) output also hurt stocks, which came in at 47.5 for its lowest level in more than two years. Meanwhile, the Cboe Volatility Index (VIX) posted its fifth consecutive weekly loss.
Keep reading to learn more about the current market, including:
- Unboxing Snap’s slowest ever sales growth.
- Increase in dividends increases Conagra Brands stock.
- Plus, unpacking the quarterly lack of Boston Beer stock; decommissioned semiconductor stock; and 5 weed stocks to watch.
The Dow Jones Average (DJI – 31,899.29) shed 137.6 points, or 0.4% for the day, but still gained 2% for the week. American Express (AXP) led the winners, adding 1.9%, and Verizon Communications (VZ) trailed the losers, losing 6.7%.
The S&P 500 Index (SPX – 3,961.63) lost 37.3 points, or 0.9% for the day, and added 2.6% for the week. During this time, the Nasdaq Composite (IXIC – 11,834.11) fell 225.5 points, or 1.9% for the session, and edged 3.3% for the week.
Finally, the Cboe Market Volatility Index (VIX – 23.03) lost 0.08 points, or 0.4% for the day, and 5% for the week.
5 things to know today
- Twitter (TWTR) partially implicated income lower than expected, revenue and user growth on “uncertainty” surrounding the company’s acquisition. (CNBC)
- Covid-19 cases and hospitalizations in the United States are increasing, signaling that the pandemic is not yet over, as the BA.5 omicron subvariant becomes dominant. (MarketWatch)
- Analysts turn bearish on Boston Beer shares after missed gains.
- This stock of chips moved down when downgraded to “underweight”.
- Don’t hit the snooze button on these 5 cannabis stocks.
Gold prices soar after 5 consecutive weeks of losses
While oil prices posted a modest 0.1% gain for the week, black gold ended lower on Friday. The commodity slipped below the psychologically significant $100 level, due to slowing gasoline demand. Crude dated September fell $1.65, or 1.7%, to end at $94.70 a barrel that day.
Gold prices recorded a weekly 1.4% win, ending a five-week losing streak. Prices also settled at their highest level since July 13 as the US dollar weakened. Gold dated August added $14, or 0.8%, to close at $1,727.40 an ounce that day.
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