NEW YORK — Stocks slipped Friday, providing back some of their gains from earlier in the week as concerns brewed about the international economy and potentialcustomers for revenues at huge web business.
The S&P 500 lost 0.9% to break a three-day rally that had brought Wall Street to its greatest level in 6 weeks. The Nasdaq composite led the market lower with a 1.9% drop following worse-than-expected earnings reports from Snap, Seagate Technology and other tech-oriented business.
The Dow Jones Industrial Average held up muchbetter, slipping a more modest 0.4%. That was in big part duetothefactthat constituent American Express offered an motivating revenues report and stated its cardholders were costs more.
Sandwiched inbetween last week’s dispiriting report on inflation and next week’s choice by the Federal Reserve on interest rates, the S&P 500 still provided its finest week in a month following a collection of primarily better-than-expected reports on business earnings. Falling yields in the bond market likewise assisted, reducing the pressure on stocks after expectations for rate walkings by the Fed sentout yields skyrocketing much of this year.
On Friday the two-year Treasury yield toppled onceagain, to 2.98% from 3.09% late Thursday and from 3.14% a week ago, on concerns about the economy. A report Friday earlymorning showed U.S. company activity might be diminishing for the veryfirst time in almost 2 years, with service markets especially weak.
“Manufacturing hasactually stalled and the service sector’s rebound from the pandemic hasactually gone into reverse, as the tailwind of suppressed need hasactually been gottenridof by the increasing expense of living, greater interest rates and growing gloom about the financial outlook,” Chris Williamson, chief organization economicexpert at S&P Global Market Intelligence stated in a declaration accompanying the surve