Social media stocks set to weigh on S&P 500, Nasdaq at open

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., July 21, 2022. REUTERS/Brendan McDermid

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July 22 (Reuters) – The S&P 500 and the Nasdaq opened lower on Friday as social media and ad tech firms led declines after dismal quarterly revenues from Twitter and Snap, while an upbeat forecast from American Express boosted the Dow.

The Dow Jones Industrial Average (.DJI) rose 131.02 points, or 0.41%, at the open to 32,167.92.

The S&P 500 (.SPX) opened lower by 0.52 points, or 0.01%, at 3,998.43, while the Nasdaq Composite (.IXIC) dropped 34.24 points, or 0.28%, to 12,025.37 at the opening bell.

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Reporting by Shreyashi Sanyal in Bengaluru; Editing by Aditya Soni

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