S&P Dips from Record Friday, but Enjoys Winning Week



The S&P 500 edged lower a day after the benchmark closed at a record.

The Dow Jones Industrials recovered from several hours in negative territory to gain 73.94 points to 35,677.02, helped by a 4% rise in shares of American Express, which reported strong quarterly earnings Thursday. The ascent on the week was 382 points, or 1.1%.

The S&P 500 lost 4.88 points on the day to 4,544.20, still strengthening 73 points, or 1.6%, on the week.

The NASDAQ Composite fell 125.5 points to 15.090.20, after poor results from two technology companies. Still, the rise on the week was 193 points, or 1.3%.

Shares of Intel retreated more than 11% following a weaker-than-expected sales report. The semiconductor company blamed an industry-wide chip shortage for its revenue miss.

Social media stocks also dropped after Snap said its advertising business declined due to Apple’s privacy changes. Snap shares sunk more than 25%. Facebook lost 6% and Twitter pulled back 4%.

However, several tech stocks rose to all-time highs. Tesla shares extended their rally, rising 1% after hitting a new intraday high earlier in the morning. The stock closed 3% higher Thursday after posting record profit and revenue, along with strong margins. Netflix, Ebay and

Microsoft also climbed to new all-time highs.

Despite the blips in the tech sector, overall earnings season has been terrific so far, boosting the broader market back to an all-time high following a two-month lull. So far for the third quarter earnings season, 84% of the 117 companies that have reported have beat analysts’ earnings estimates. Profits are reportedly on pace in the quarter to increase 34.8%.

Prices for 10-year Treasurys regained ground, lowering yields to 1.64% from Thursday’s 1.69%. Treasury prices and yields move in opposite directions.

Oil prices gained $1.59 to $84.09 U.S. a barrel.

Gold prices gained $13.20 to $1,795.10 U.S. an ounce.