Wall Street ends lower as ad tech, social media stocks drop

NEW YORK, July 23 — US stocks ended lower yesterday as shares in social media and ad tech firms lost ground in the wake of earnings from Snap, offsetting gains from card issuer American Express following an upbeat forecast.Snap Inc’s shares tumbled, after the Snapchat owner posted its weakest-ever quarterly sales growth as a public company, while Twitter Inc reversed earlier losses following a surprise fall in revenue.

According to preliminary data, the S&P 500 lost 36.71 points, or 0.92 per cent, to end at 3,962.24 points, while the Nasdaq Composite lost 225.94 points, or 1.87 per cent, to 11,835.66. The Dow Jones Industrial Average fell 131.23 points, or 0.41 per cent, to 31,905.67. With 106 of the S&P 500 companies having reported earnings through Friday morning, 75.5 per cent have topped analyst expectations, below the 81 per cent beat rate over the past four quarters, according to Refinitiv data.

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