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Shares of Facebook and Apple followed Intel and Twitter down, dropping more than 1% each. Netflix and Alphabet, meanwhile, both fell by more than 2%.
Up to now, more than 50% of S & P 500 companies have reported profits. According to FactSet data, 79.8% of these companies reported profits above expectations.
Tech's downside outweighed the release of solid economic data in the United States. The Commerce Department said that the US economy grew 4.1% in the second quarter, in line with analysts' expectations. This is the highest rate of growth since the third quarter of 2014 and the third best growth rate since the Great Recession.
In recent days, White House officials have indicated that reading would be strong. "You are going to have a very good figure for economic growth tomorrow," said Larry Kudlow, White House economic adviser before the release of this release.
"Although we are lagging behind in economic development, we are probably not in the last run, and I think we are seeing that in today's numbers," said Mike Loewengart , vice president of investment strategy at E-Trade. "Of course, the trade war has begun to wreak havoc, but our economic fundamentals continue to be strong."
President Donald Trump touted the large number of people on Friday, saying in a tweet that the figure was "GREAT". Trump later said in a press conference that "we will go much higher" than GDP growth of 4.1%.
Initial market response to data has been mitigated, however, equity futures have increased briefly.
"The figure of 4.1% is high, but the number of whispers was higher than that," said Jeff Zipper, chief investment officer at U.S. Bank Private Wealth Management. "I think that's why you've had no reaction in the market."
NCBC's Jeff Cox contributed to this report.
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