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Home / Business / Nasdaq loses more than 1% as Intel and Twitter lead the tech router

Nasdaq loses more than 1% as Intel and Twitter lead the tech router



Facebook and Apple shares followed Intel and Twitter lower, falling 0.8 percent and 1.7 percent. Netflix and Alphabet both fell by more than two percent.

So far, more than 50 percent of S & P 500 companies have reported profits. Of these companies, 79.8 percent reported better than expected income, according to FactSet data.

The Commerce Department said the US economy grew 4.1 percent in the second quarter, in line with analyst expectations. Over the past few days, White House officials have pointed out that the reading will be strong. "They will achieve a very good economic growth rate tomorrow, great," White House economist Larry Kudlow said before the release.

"While we are late in our economic expansion, we are probably not in the last inning, and I think we see that in today's numbers," said Mike Loewengart, vice president of investment strategy at E-Trade. "Certainly the trade war has begun to take its toll, but our economic fundamentals remain solid."

President Donald Trump announced the strong number on Friday and said in a tweet that the number was "BIG". Trump later said in a news conference that "we will go much higher than 4.1

percent GDP growth."

The market's first reaction to the data, however, was muted, with stock futures short in profits.

"The 4.1 percent figure is strong, but the whisper count was higher than that," said Jeff Zipper, Managing Director of Investments at US Bank Private Wealth Management. "I think that's why you got the non-reaction on the market."

-CNBC's Jeff Cox has contributed to this report.


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