Stocks traded lower on Friday after a disappointing earnings report from Snap Inc.
While the session brought losses, all three market benchmarks ended the week with gains. The Dow closed up 1.7% higher, while the S&P 500 climbed over 2% and the Nasdaq advanced by 3%.
Here's how the market settled to close out the week:
S&P 500 Index
Dow Jones Industrial Average
Nasdaq Composite Index
Earnings were in focus on Friday, with shares of Snap plummeting nearly 40% during the session after the social media company missed analyst expectations on both top and bottom lines and announced plans to slow hiring.
Snap said it's Q2 earnings were impacted by a more challenging economic climate, slowing demand for its online platform, increased competition from other social media apps and Apple's
Analysts from Goldman Sachs
"Clearly [with] Q2 results & the way the [earnings] call was handled, Snap has an even bigger hill to climb going forward," JPM analysts said Friday.
Twitter also reported earnings before the bell, and missed expectations on earnings, revenue and user growth. This quarter marks the social media app's biggest revenue miss on record, with results falling 11% below estimates.
For the Q2 revenue results, Twitter cited ad industry headwinds similar to the ones Snap is facing, as well as "uncertainty related to the pending acquisition of Twitter by an affiliate of Elon Musk."
Shares of Verizon