It's a Losing Day, but a Winning Week

Snap losses put a damper on Wall Street's streak
By Newser Editors and Wire Services
Posted Jul 22, 2022 3:06 PM CDT
It's a Losing Day, but a Winning Week
Statues adorn the facade of the New York Stock Exchange.   (AP Photo/John Minchillo)

The stock market fell on Friday, but not enough to wipe out the gains of a strong week. The Dow dropped 136 points, or 0.4%, to 31,900; the S&P 500 fell 37 points, or 0.9%, to 3,961; and the Nasdaq fell 235 points, or 1.9%, to 11,834. The Nasdaq composite led the overall market lower following weaker-than-expected profit reports from Snap, Seagate Technology, and other tech-oriented companies, per the AP. But sandwiched between last week’s dispiriting report on inflation and next week’s decision by the Federal Reserve on interest rates, the benchmark S&P still had its best week in a month following a collection of mostly better-than-expected reports on corporate profits. The index rose about 2% on the week, the Dow 1.7%, and the Nasdaq 3%, per CNBC.

The company behind the Snapchat app tumbled 38.9% after it reported a worse loss and lower revenue for the spring than Wall Street forecast. The weakness for Snap could mean pressure on other tech companies that depend on advertising, which also happen to be among Wall Street's most influential stocks. The parent companies of both Google and Facebook are scheduled to report their earnings next week. Data storage company Seagate Technology lost 8.2% after it said anti-COVID measures in Asia and slowing global economic conditions last quarter hit its results, which fell short of forecasts. Verizon dropped 7.7% after its profit fell short of expectations, though its revenue squeaked past. It also cut its forecast for earnings this year.

(More stock market stories.)

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