STOCK MARKET NEWS: Snap drops, Futures lower, Gas trend continues

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 plunged 26% in after-hours 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 fell including Meta Platforms, Alphabet and Twitter.

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.

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