Stocks fall as tech takes a beating

Reuters / Brendan McDermid

Stocks got whacked Friday, with the Nasdaq Composite shedding
nearly 1.5%, after disappointing earnings reports from tech
giants Twitter
and Intel.
The dollar
and Treasury yields fell.

Here’s the scoreboard:

Dow Jones industrial
average:
 25,452.89 −74.18
(-0.29%)

S&P
500:
 2,818.19 −19.25 (-0.68%)

Nasdaq
Composite index: 7,737.78 -114.41
(-1.46%) 

1. The US economy grew at
   its fastest pace since 2014 in the second
   quarter. Gross domestic product rose at an
   annualized pace of 4.1%, according to the Commerce Department,
   bolstered by strong consumer spending and a boost in
   exports. 
2. Trade tensions appear to be
   weighing on American consumers’ outlook. The
   University of Michigan’s consumer-sentiment index fell to 97.9
   in July from 98.2 the month before. The survey’s chief
   economist said the dropoff came amid growing concerns about
   tariffs.
3. CBS
   said it’s investigating CEO Leslie Moonves amid reports that he
   will be
   accused of sexual misconduct in a forthcoming New Yorker
   piece. The story is by Ronan Farrow, whose
   reporting contributed to the arrest of movie mogul Harvey
   Weinstein. Shares of the company plunged about 6% on
   Friday. 
4. Earnings season rolls on. Twitter posted
   its third quarterly profit, but reported
   losing about one million average monthly users and said it
   expected the user base to continue shrinking. Shares of the
   company dropped nearly 20% following the report. Intel
   also
   fell short of expectations and shed about 9%.

And a look at the upcoming economic calendar:

• Caterpillar
  reports earnings. 
• Manufacturing numbers are out in China.

See also:

Goldman Sachs breaks down the
damage a trade war could cause in the stock market and 2 ways
investors can protect themselves

Get the latest Intel stock price here.