US stocks closed lower Friday following disappointing results from Twitter and bellwethers, including oil major Exxon Mobil and chipmaker, Intel.
The highly-anticipated release of the first estimate of second quarter GDP showed that economic growth remains relatively strong but came in under expectations boosted by unrealistic commentary from President Trump and his advisers before the release.
The Dow slid 76.01 points, or 0.3%, to 25,451.06. The S&P 500 lost 18.62 points, or 0.7%, to 2,818.82, as the technology sector sank 2%.
The Nasdaq fell 114.77 points, or 1.5%, to 7,737.42 as Facebook’s big 20% Thursday fall and then Twitter’s 21% fall on Friday hit confidence.
Twitter Inc. tumbled 21% after it reported its second-quarter results and gave a third-quarter outlook that was below forecasts.
Facebook shares extended losses after having its worst day on Thursday to fall a further 0.8% on Friday.
If Apple’s quarterly report disappoints on Wednesday morning, Sydney time, then the tech sector will tank.
The solid quarterly results from Microsoft, Alphabet (Google) and Amazon will not be enough to support the sector with netflix and Facebook in the doghouse and Twitter close behind.
For the week, the Dow added 1.6%, the S&P 500 rose 0.6%, and the Nasdaq fell 1.1%. Both the Dow and the S&P posted their fourth straight weekly gains, the best winning streak since January.
Eurozone shares rose 0.5% on Friday and 1.7% over the week, Japanese shares rose 0.1%, Australian shares edged up 0.2% and Chinese shares gained 0.8% helped by stimulus talk.
