STOCK MARKET NEWS: Stocks close lower, Snap sinks, Twitter blames Musk

US equity futures traded lower Friday morning, following a three-day rally. The major futures indexes suggest a decline of 0.3% when the final trading day of the week gets underway on Wall Street.

US 10-year Treasury yields fell to their lowest level in over two weeks on Friday as worries mount about economic growth. The 10-year Treasury yield fell to as low as 2.82%.

Oil prices bounced between gains and losses Friday morning, following previous declines on supply tightness and geopolitical tensions.

US West Texas Intermediate crude traded around $96.00 a barrel. Brent crude futures traded around $104.00 a barrel.

Snap shares hares are plunging 28% in premarket trading after the company posted its weakest-ever quarterly sales growth as a public company. The parent company of Snapchat reported revenue of $1.11 billion and posted a $422 million net loss for the second quarter.

Other social media-related shares are also down.

American Airlines says it could take 3 years to get back to full nationwide capacity

American Airlines said Thursday it could take up to three years to get back to full, nationwide capacity due to what it said was an ongoing pilot shortage.

CEO Robert Isom told investors that demand for air travel is at record levels, but that the airline’s travel schedule remains impacted by supply chain disruptions and staffing shortages that worsened during the pandemic.

As a result, Isom predicted that restoring flight capacity across its main routes will take about a year. “I think it’s dependent on the supply chains of aircraft manufacturers and ultimately, pilot supply to get all back in sync,” the CEO said.

On the other hand, American Airlines’ regional routes will be tougher to stabilize.

“From a regional perspective, it’s just going to take a little bit longer than that, maybe 2 or 3 years, to kind of get the supply chain for pilots back to where we

Musk reacts to Twitter blame for second-quarter revenue miss

Elon Musk fired back at Twitter on Friday after the social media giant partially blamed its second-quarter revenue miss on uncertainty surrounding the Tesla chief executive’s pending $44 billion acquisition.

“I’m rubber, they’re glue,” Musk tweeted.

The social media giant reported total revenue of $1.18 billion for the second quarter, including advertising revenue of $1.08 billion and subscription and other revenue of $101 million. Economists surveyed by Refinitiv were expecting total revenue of $1.32 billion.

ticker Security Last Change Change %
TWTR TWITTER INC. 39.98 +0.41 +1.02%

Twitter said it faced $33 million in costs during the quarter related to the acquisition. In addition to Musk’s deal, the company cited “advertising industry headwinds associated with the macroenvironment.”

TWITTER MISSES ON EARNINGS, CITES ELON