STOCK MARKET NEWS: Stocks close lower, Snap sinks, Twitter blames Musk

U.S. equity futures traded lower Friday morning, following a three-day rally. The major futures indexes suggest a decline of 0.3% when the final trading day of the week gets underway on Wall Street.

U.S. 10-year Treasury yields
fell to their lowest level in over two weeks on Friday as worries mount about economic growth. The 10-year Treasury yield fell to as low as 2.82%.

Oil prices bounced between gains and losses Friday morning, following previous declines on supply tightness and geopolitical tensions.

U.S. West Texas Intermediate crude traded around $96.00 a barrel. Brent crude futures traded around $104.00 a barrel.

Snap shares hares are plunging 28% in premarket trading after the company posted its weakest-ever quarterly sales growth as a public company. The parent company of Snapchat reported revenue of $1.11 billion and posted a $422 million net loss for the second quarter.

Other social media-related shares are also down. Meta Platforms down 4%, Alphabet off 2% and Twitter down 2%.

Hot Wheels helped Mattel’s sales rise 20%, topping expectations. Excluding items, the company earned 18 cents per share, beating estimates of 6 cents. However, surging costs are cutting into margins. Shares fell more than 1% after-hours.

Wrapping up the week will be results from American Express, Twitter, Cleveland-Cliffs, HCA Healthcare, NextEra Energy, Regions Financial, Roper Technologies, Schlumberger and Verizon before the market open.

On Wall Street, the S&P 500 climbed 1% to 3,998.95 on Thursday, returning to its highest level in six weeks. The Dow rose 0.5% to 32,036.90 and the Nasdaq rose 1.4% to 12,059.61.