U.S. stock indexes wavered between small gains and losses in early trading Friday 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. Losses in technology and health care stocks partially offset gains among retailers, restaurant chains and banks.
KEEPING SCORE: The S&P 500 index fell 3 points, or 0.1 percent, to 2,833 as of 10:15 a.m. Eastern Time. The Dow Jones Industrial Average gained 8 points to 25,535. The Nasdaq composite index lost 26 points, or 0.3 percent, to 7,826. The Russell 2000 index of smaller-company stocks gave up 5 points, or 0.3 percent, to 1,689.
The S&P 500, the market’s benchmark index, is on track for its fourth weekly gain in a row.
STRONGER GROWTH: The U.S. economy surged in the April-June quarter to an annual growth rate of 4.1 percent. That’s the fastest pace since 2014, driven by consumers who began spending their tax cuts and exporters who rushed to get their products delivered ahead of retaliatory tariffs.
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SOCIAL MEDIA WOES SLUMP: Facebook’s tumble, brought on by its warning to investors that it sees slower revenue growth ahead, led a decline in technology shares that snapped a three-day winning streak for the S&P 500 index. The focus is likely to remain on the technology sector as shares of Twitter plunged 15 percent after it said the number of monthly users dropped in the second quarter.
GOOD TRIP: Expedia Group surged 9.3 percent to $137.48 after the online travel portal’s quarterly earnings topped analysts’ forecasts.
TASTY RESULTS: Chipotle Mexican Grill climbed 6.6 percent to $476.07 after the restaurant chain said sales online and at established stores improved