A slide in technology companies weighed on U.S. stocks Friday, adding to the market’s losses from a day earlier. Twitter plunged after the social media network said its monthly users declined in the second quarter. Smaller-company stocks fell more than the rest of the market. The losses outweighed gains in banks and phone companies.
KEEPING SCORE: The S&P 500 index fell 19 points, or 0.7 percent, to 2,817 as of 12:48 p.m. Eastern Time. The Dow Jones Industrial Average slid 89 points, or 0.4 percent, to 25,437. The Nasdaq composite index, which is heavily weighted with technology companies, lost 112 points, or 1.4 percent, to 7,739. The Russell 2000 index of smaller-company stocks gave up 27 points, or 1.6 percent, to 1,667.
Despite the sell-off, the S&P 500, the market’s benchmark index, is still on track for its fourth weekly gain in a row.
FILE- In this April 5, 2018, file photo, a sign for a Wall Street subway station is shown in New York. U.S. stock indexes wavered between small gains and losses in early trading Friday, July 27, as investors weighed the latest batch of company earnings reports and new government data showing the U.S. economy surged in the second quarter at the fastest pace since 2014. (AP Photo/Richard Drew, File)
SOCIAL MEDIA WOES: For the second straight day a social media company led a steep decline in technology companies, cutting into some of the market’s gains. Twitter plummeted 19.6 percent to $34.52 after the company reported disappointing user totals and its forecast disappointed investors. Snap, the company behind the Snapchat messaging app, slid 6.3 percent to $12.53.