Stocks ended up with a mixed finish Friday on Wall Street after another choppy day of trading, but major indexes still marked their third weekly gains in a row.
The S&P 500 slipped 0.1% as sizable drops in several big-tech companies outweighed gains in other sectors. The benchmark index had set its latest record high a day earlier.
The Dow Jones Industrial Average rose 0.2%, and the Nasdaq retreated 0.8%. Intel sank after the giant chipmaker’s revenue fell short of forecasts, and Snapchat’s parent company plunged after saying its ad sales are being hurt by a privacy crackdown on iPhones.
Snapchat’s parent company, Snap, plunged 25.1% after reporting weak revenue and disclosing that its ad sales are being hurt by a privacy crackdown that rolled out on Apple’s iPhones earlier this year. The news weighed down several other social media companies. Facebook fell 5.9%, and Twitter fell 4.1%. Google’s parent, Alphabet, fell 3.1%.
Banks and other financial companies made solid gains. American Express jumped 6.4% after reporting solid third-quarter financial results. The company noted an increase in consumer spending and travel. Bank of America rose 1.3%.
Bond yields edged lower. The yield on the 10-year Treasury fell to 1.65% from 1.67%.
The company planning to make former President Donald Trump’s new media venture a publicly traded company soared for a second straight day. Digital World Acquisition nearly tripled in the first minute of trading, jumping 189.9% to $131.90 before getting temporarily halted and then trimmed to a 106% gain.
It more than quadrupled the day before, surging to $45.50 from $9.96, after it said it would merge with Trump Media & Technology Group, which aims to challenge Facebook, Twitter and even Disney’s streaming video service. Experts are split on the company’s prospects, but some investors are betting on it to be popular.
