Tech Dented by Earnings After S&P Record: Market Wrap

S&P 500 gains as traders weigh corporate results and inflation
Snap sinks on earnings miss, sales warning; social peers drop

WATCH: Ben Powell of BlackRock Investment Institute says Chinese equities have room for more upside.Source: Bloomberg

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By Vildana Hajric and Nathan Hager

October 20, 2021 at 9:52 PM UTC

Corrected

October 21, 2021 at 11:10 PM UTC

This article is for subscribers only.

U.S. stocks rose to the first all-time high since Sept. 2, powered by a spate of strong corporate results and positive news on the fight against the virus.

The mood soured after the cash session, when Snap Inc. plunged more than 25% after reporting results that missed estimates. The owner of the Snapchat app was weighed down by Apple Inc.’s new data collection restrictions and their effect on digital advertising measurements. The main exchange-traded fund tracking the Nasdaq 100 lost 0.6%, as other social media stocks slumped in afterhours, with Facebook Inc. and Twitter Inc. each down 6%. Alphabet Inc. slid almost 3%.