Wall Street Sees Mixed Open as Snap, Twitter Earnings Weigh on Tech Sector - InvestorsObserver

2022-07-24 07:20:20 By : Mr. Newben Yang

US stocks were set for a mixed open Friday, with futures of technology-heavy Nasdaq Composite lower as downbeat quarterly earnings from Snap (SNAP) and Twitter (TWTR) weighed on the sector.

Dow Jones Industrial Average futures gained 0.3%. S&P 500 futures slipped 0.1%, while Nasdaq futures slid 0.3%.

Oil prices slumped, with front-month global benchmark Brent crude down 0.4% and West Texas Intermediate down around 0.6%.

At 9:45 am ET, data are expected to show the purchasing panagers' manufacturing index coming in at 52.0 in July, while services PMI are seen coming in at 52.7, according to Bloomberg data.

In overseas markets, Hong Kong's Hang Seng closed 0.2% higher, China's Shanghai Composite ended 0.06% lower, and the Japanese market was closed for a holiday. Meanwhile, UK's FTSE 100 gained 0.2% and Germany's DAX index rose 0.5% in Europe's early afternoon session.

In equities, shares of American Express (AXP) were 4.5% higher pre-bell after the company reported Q2 earnings and revenue that topped consensus estimates. Hanger (HNGR) shares rallied 25% on a proposed $1.25 billion takeover by Patient Square Capital.

On the losing side, Snap (SNAP) shares fell 30% after the company swung to a Q2 adjusted loss despite higher revenue. Twitter (TWTR) shares declined 1.6% after the microblogging platform swung to a Q2 net loss.

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