The broader indexes are mixed, with the Nasdaq sliding on Snap’s disappointing earnings report — and more in Friday’s stock market recap.
Shares of the social media company plummeted 25% in extended trading Thursday following a missed on both earnings per share and revenue estimates. Snap also revealed it sees weakening revenue growth ahead and plans to slow hiring.
Thursday’s Philadelphia Fed Manufacturing Index came in at -12.3, well below estimates of 0.4 and June’s number of -3.3.
The index serves as an indicator for manufacturing conditions in the U.S. and while the most recent numbers aren’t good, it could mean we’re bottoming out.
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