On Friday, local time, the three major indexes of U. S. stocks closed lower. By the close, the Dow was down 0.43%, the S & P 500 was down 0.93%, and the NASDAQ was down 1.87%. Hot Chinese stocks led the decline, with the Nasdaq China Golden Dragon Index falling 4.01%.

After plummeting by more than 40% nearly two months ago$Snap Inc Inc (SNAP.US) $The company suffered another 39% drop, and the company's second-quarter loss rose sharply, making the market nervous.$Meta Platforms (META.US) $Plummeted by more than 7%$Alphabet Inc-CL C-C (GOOG.US) $Drop by more than 5%Together, the two companies, which also rely on advertising, have lost more than $120 billion (more than 800 billion yuan) in market value.

Next week, the Fed's monetary policy meeting will decide how much to raise interest rates, and the US second-quarter GDP data will also be released. With the star companies Apple Inc, Alphabet Inc-CL C, Microsoft Corp, Amazon.Com Inc, Meta and other announced results, the market is expected to usher in the biggest test during the earnings season.

Us stocks ended "three consecutive gains". The Nasdaq fell more than 2% at one point.

The three major indexes of US stocks rose at the beginning of the session, with the S & P hitting above 4000 for the first time since early June, but the index quickly turned downwards and narrowed its late decline, ending a wave of "three straight gains".

By the close, the Dow was down 0.43%; the S & P 500 was down 0.93%, having fallen more than 1% in intraday trading; and the NASDAQ was down 1.87%, down more than 2.4% at one point.

Although the stock index fell on Friday, it still made a big gain this week. Among them, the Dow is up nearly 2% this week, the S & P 500 is up about 2.6%, and the Nasdaq is up 3.3%.

Among the Dow constituent stocks, telecom operator Verizon Communications led the decline on the day, down 6.74%. The company's second-quarter revenue was $33.789 billion, up 0.1% from a year earlier, while net profit was $5.315 billion, down 10.7% from a year earlier. The price rise affected the growth of subscribers, and the company lowered its full-year performance forecast.

Another telecom giant$AT&T Inc (T.US) $It fell 2.75%, compared with a 7.62% drop the day before. AT&T Inc's second-quarter net profit from sustainable operations was $4.751 billion, compared with $5.969 billion in the same period last year.

Snap Inc's stock price flashed again, and Facebook and Alphabet Inc-CL C were also hit hard.

Most star technology stocks fell, Facebook parent company Meta fell 7.59%, Alphabet Inc-CL C fell more than 5%, NVIDIA Corp fell more than 4%, Microsoft Corp and Amazon.Com Inc fell more than 1%, Tesla, Inc. rose 0.2% against the trend.

Us social media Snap Inc fell 39.08% after the company reported its worst quarterly sales growth since it went public and plans to slow hiring. After the close of trading on the 22nd, Snap Inc's second-quarter financial report showed that the company's revenue for the quarter was $1.11 billion, up 13% from a year earlier, while its net loss expanded by 178% to $420 million.

Snap Inc issued a performance warning on May 23 that the company's profits and revenue in the second quarter would be lower than previously expected as macroeconomic development slowed further. However, the company was still optimistic about long-term business growth opportunities and the platform community continued to grow. On May 24th, Snap Inc fell by more than 43%.

"this is a typical case of market volatility during the earnings season, and investors should expect it. Sam Stovall, chief market strategist at the Center for Financial Research and Analysis (CFRA), said Snap Inc's performance "broke" the rally of the Nasdaq, which also affected the decline of the S & P index.

About 21 per cent of S & P 500s cover second-quarter results, of which 70 per cent beat analysts' expectations, according to FactSet.

Twitter bucked the trend by 0.81%, and the company released its second-quarter financial results before trading. In the quarter, the company had revenue of $1.177 billion, compared with $1.19 billion a year earlier, a net loss of $270 million and a profit of $65.65 million in the same period last year. Advertising revenue in the second quarter was 1.08 billion US dollars, up 2 per cent from the same period last year and 6 per cent at a fixed exchange rate. The average number of daily active users (mDAU) in the second quarter was 237.8 million, up 16.6 per cent from the same period last year.

Twitter said the decline in revenue was related to the "headwind" of the advertising industry and reflected the macroeconomic situation and the uncertainty of the company's deal with Musk. As Musk's acquisition of Twitter has not yet been completed, Twitter will no longer provide forward-looking guidance or hold a conference call.

In addition, hot Chinese stocks led the decline on the day, with the Nasdaq China Golden Dragon Index falling 4.01%. BABA and NetEase, Inc fell by more than 4%, JD.com and Baidu, Inc. fell by more than 3%, and Pinduoduo fell by 2.54%. The new force of car building suffered a heavy blow. XPeng Inc. fell by more than 7%, Li Auto Inc. and NIO Inc. fell by more than 6%.

Super earnings week is approaching, Fed interest rate hikes and US GDP data are also coming.

On the macroeconomic front, S&P Global Inc. released a report pointing out that business activity in the private sector in the United States contracted for the first time since June 2020.

Specifically, the initial value of the composite PMI (purchasing managers' index) of Markit in the United States in July was 47.5, the lowest in more than two years, with a previous value of 52.3. Among them, the initial value of PMI of Markit manufacturing industry in July was 52.3, the lowest since August 2020, with a previous value of 52.7, and the initial value of PMI of Markit service industry in July was 47, the lowest since June 2020.

Figures released by the Labor Department on Thursday also showed that the number of people applying for unemployment benefits for the week ended July 16 was 251000, the highest level in eight months. After adjustment, the four-week moving average of first-time jobless claims was 240500, an increase of 4500 from the revised average the previous week. Unemployment insurance applications in US states reached their highest level since November for the third week in a row, indicating some softening in the labour market.

Chris Williamson, chief business economist at S&P Global Inc., commented that the initial PMI figures for July indicated that the deterioration of the economy was worrying. Excluding the month of economic blockade during the COVID-19 epidemic, the rate of decline in output has not been seen since the financial crisis in 2009. GDP fell at an annualised rate of nearly 1 per cent, according to survey data. Manufacturing has stagnated, the rebound in services has shifted, and while the backlog of demand has brought a "tailwind", the impact has been exacerbated by higher cost of living, rising interest rates and increasingly pessimistic economic prospects.

Treasury yields fell sharply again, with the 10-year yield falling 13.2 basis points to 2.758 per cent and the yield on the two-year note fell to 2.974 per cent. The upside-down of treasury bond yields, which is regarded as an important "recession indicator", continues.

The Federal Reserve will hold the Federal Open Market Committee (FOMC) monetary policy meeting next week, and a number of officials said earlier this month that they were inclined to raise interest rates by 75 basis points.The initial GDP (gross domestic product) of the United States in the second quarter will also be released. After the first quarter, whether the US economic growth will continue to be negative in the second quarter is a topic that investors are more concerned about.

In additionStar company$Apple Inc (AAPL.US) $、$Alphabet Inc-CL C-C (GOOG.US) $、$Microsoft Corp (MSFT.US) $、$Amazon.Com Inc (AMZN.US) $、$Meta Platforms (META.US) $The results will also be announced, and the market will usher in the biggest test during the earnings season.