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Social media giants soar, money managers in demand and more delta danger.

Twitter Inc. and Snap Inc. blew past analyst estimates for second-quarter results, as companies continue to pour money into digital advertising. Snap’s second-quarter sales more than doubled to $982.1 million, while Twitter forecast revenue from $1.22 billion to $1.3 billion, higher than expectations. The blockbuster results are an emphatic response to questions about whether ad spending levels would return to their pre-pandemic levels. Both companies are up in pre-market trading, with the results also boosting the shares of rivals Facebook Inc. and Alphabet Inc., who report next week amid threats of a broad crackdown on Big Tech.