S&P 500 Pulls Back From Record Highs, Dow, Nasdaq Slip, As Investors Take Profits From Week’s Bonanza Earnings Results

SectorFinancial Markets

On Friday, the S&P 500 fell 0, 72%, Dow Jones Industrial Average slipped 0. 54%, and Nasdaq dropped 0. 85% For the week, the S&P 500 edged up 0.

02%, the Dow slipped 0. 5%, and the Nasdaq lost 0. 39% Twitter plunged 15. 2% on Friday after its second-quarter revenue guidance fell below estimates, and its average monetizable daily active users rose to 199 million, slightly below analysts’ expectations. The trading week was buoyed by blowout quarterly earnings from mega-cap tech stocks Facebook (which delivered record revenue of more than $26 billion); Apple (which saw revenues jump 54% to a record $89. 6 billion); Amazon (where sales skyrocketed 44% to $108. 5 billion) and Google parent Alphabet (which posted revenues of $55. 2 billion boosted by an extraordinary surge in ad sales). Mark Haefele, UBS Global Wealth Management’s chief investment officer, wrote in a Friday note that while the tech giants have formed a “core part” of well-performing portfolios...read more...