At the close of trade, the Dow Jones Industrial Average index declined 137.61 points, or 0.43%, to 31,899.29. The S&P500 index was down 37.32 points, or 0.93%, to 3,961.63. The tech-heavy Nasdaq Composite Index decreased by 225.50 points, or 1.87%, to 11,834.11. For the week, the Nasdaq spiked by 3.3%, the S&P 500 surged by 2.5% and the Dow jumped by 2%.
Eight of the 11 S&P sectors posted declines. Communication Services represented the weakest segment, as Verizon slumped to a multi-year low following its results. Meanwhile, lackluster revenue and a lack of visibility sent Snap tumbling almost 40%. Twitter managed to hold steady after its report. Utilities, Real Estate and Consumer Staples finished higher.
ECONOMIC NEWS: The US Composite Purchasing Managers' index (PMI) for July, released by S&P Global on Friday, was 47.5, down from 52.3 in June, falling below the 50-point level that indicates growth.
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