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Investing.com — U.S. stocks were lower in early trading Friday, weighed by weakness in tech stocks as Treasury yields soared.
At 9:38 ET (13:38 GMT), the Dow Jones Industrial Average was down 3 points, or about flat, while the S&P 500 was also flat and the NASDAQ Composite was down 0.3%.
Social media platform Snap Inc (NYSE:SNAP) tumbled 29% after forecasting flat revenue for the fourth quarter as advertising dries up. That announcement on Thursday already sent its shares 25% lower in after-hours trading.
Snap’s third quarter, with the slowest quarterly revenue growth in five years, was an ominous sign for other companies that rely on digital advertising, including Google parent Alphabet (NASDAQ:GOOGL) (NASDAQ:GOOG) and Meta Platforms Inc (NASDAQ:META). Shares of Alphabet fell 1% while shares of Meta fell more than 3%.
The yield on the benchmark 10-year Treasury rose to a 15-year high at 4.3%. The Federal Reserve has been aggressively raising interest rates in a quest to tame inflation, and is widely expected to raise them again in November by another 0.75 percentage point.
In other earnings, Verizon Communications Inc (NYSE:VZ) stock fell 5% after the telecommunications giant said profit fell 23%, falling short of expectations for wireless subscription gains.
Oil rose. Crude Oil WTI Futures was up 0.5%, to $84.92 a barrel, and Brent Oil Futures crude was up 0.5% to $92.90 a barrel. Gold Futures rose 0.2% to $1640.
