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Stocks fall as tech takes a beating

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twitter nyseReuters / 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.

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