The Dow Jones finished at its first all-time high in over a month, gaining another 0.2%, taking the weekly return to 1.1%.
The S&P 500 and Nasdaq both underperformed, down 0.1% and 0.8%, respectively, with the technology sector taking a hit from Snapchat’s (NYSE: SNAP) weaker than expected update.
Over the week, however, it was all positive with both indices gaining over 1%.
Snap cracked
Returning to earnings season, social media platform Snapchat was down 26% in Friday’s session after management complained about Apple (NASDAQ: AAPL) implementing new privacy measures.
According to the announcement, the new security changes mean advertisers can no longer target individuals as closely as before. The social media company also flagged a falling spend in advertising on the back of supply chain disruptions and a lack of product.
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Intel misses on growth
Intel (NYSE: INTC) shares also tumbled on Friday, falling 11% as its revenue and data centre sales came out worse than expected.
Data centre chip sales were 10% higher, but below expectations given the importance of the sector for their future growth. Revenue improved a more mature 5%.
The company continues to deliver profit margins exceeding 50%, however, which drove a 50% increase in quarterly profit.
Biden’s admission
In political news, President Biden confirmed at a Town Hall meeting that he may struggle to deliver the corporate tax increases he hoped, buoying the market.
Despite this mostly negative lead from US markets, the S&P/ASX 200 (ASX: XJO) is expected to open higher on Monday. For a round-up of the latest news, check out my ASX 200 morning report.
