US Market ends lower

The US share market finished session lower on Friday, 22 July 2022, snapping three days winning streak, weighed down by shares in communication services, information technology, energy and materials sectors.

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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