The Nasdaq and the S&P 500 end lower, the communications sector weighs – archyworldys

by Shreyashi Sanyal, Devik Jain and Sinéad Carew

(Reuters) – The New York Stock Exchange ended in disarray on Friday, as disappointing quarterly results from Snap and Intel weighed on the Nasdaq and S & P500.

The Dow Jones index gained 0.21%, or 73.94 points, to 35,677.02 points.

The larger S & P-500 lost 4.88 points, or -0.11%, to 4,544.9 points.

The Nasdaq Composite fell by 125.5 points (-0.82%) to 15,090.20 points.

Stocks retreated in a choppy session as warnings from Snap and Intel, which also posted lower-than-expected revenue on Thursday, weighed on the tech sector and prompted investors to be cautious.

Investors were indeed “really worried”, according to Sean Sun, portfolio manager at Thornburg Investment Management, of the poorer than expected results of Snap, which prompted them to withdraw from other firms in the communications sector such as Facebook or Twitter.

As a result, the S&P Communications Services Index was the main drag on the benchmark during the session.

Snap was down more than 20% in the session, with the owner of the Snapchat app blaming the decline in the performance of its advertising business to disruptions in the global supply chain and labor shortages. work that has led brands to reduce their advertising spending.

Intel’s performance was hurt by weaker-than-expected sales in the third quarter as its chief executive pointed out that the chip shortage is holding back sales of its processors.

(French version Camille Raynaud)