Markets Right Now: Tech slide weighs on US stocks

The latest on developments in financial markets (all times local):

11:45 a.m.

A slide in technology companies weighed on U.S. stocks, adding to the market’s losses from a day earlier.

Twitter plunged 17.6 percent Friday after the social media network said its monthly users declined in the second quarter.

The decline in technology stocks outweighed gains in banks, retailers and restaurant chains.

Smaller-company stocks fell more than the rest of the market.

Amazon rose 1.8 percent after the online retailer reported its biggest-ever profit as its advertising and cloud computing businesses kept growing.

The S&P 500 index fell 8 points, or 0.3 percent, to 2,827.

The Dow Jones Industrial Average lost 12 points to 25,513. The Nasdaq composite fell 66 points, or 0.9 percent, to 7,785.

Bond prices rose. The yield on the 10-year Treasury note fell to 2.96 percent.

___

9:35 a.m.

Stocks are opening slightly higher on Wall Street as investors weigh the latest company earnings reports and new economic data.

The Commerce Department said Friday that the U.S. economy grew at a strong 4.1 percent annual rate in the second quarter, the best showing since 2014.

Twitter slumped 15.1 percent after the social media platform’s monthly user figures fell short of estimates.

Amazon rose 2.8 percent after the online retailer reported its biggest profit ever as its advertising and cloud computing businesses kept growing.

The S&P 500 index rose 2 points, or 0.1 percent, to 2,839.

The Dow Jones Industrial Average gained 35 points, or 0.1 percent, to 25,562. The Nasdaq composite added 12 points, or 0.2 percent, to 7,865.

Read More Here...

Bookmark the permalink.