US stocks closed lower in Friday’s session, on the back of a decline in social media and technology shares following revealing disappointing profits for Snap Inc., which wiped out the gains in American Express credit card shares, which were recorded following optimistic expectations.
However, despite Friday’s losses, the three major indices posted weekly gains.
Snap shares fell following the company that owns the Snapchat application recorded the weakest quarterly growth in sales since the company was listed on the stock exchange, while it bounced back. Twitter regarding its previous losses After a sudden drop in revenue, according to Archyde.com.
Internet giants Meta and Alphabet also fell, causing the Nasdaq to drop.
The ICT services index also fell, leading a general decline among the 11 sub-indices of the Standard & Poor’s 500 Index.
The benchmark Standard & Poor’s 500 index closed 36.71 points, or 0.92%, to 3,962.24 points, while the Nasdaq Composite Index fell 225.94 points, or 1.87%, to 11,835.66 points, but both indices recorded a weekly increase of 2.6% and 3.3%, respectively. .
The Dow Jones Industrial Average fell 131.23 points, or 0.41%, to 31905.67 points, while it rose 2% during the week.
