US stocks slip as grim Snap earnings stoke fears of broader tech weakness

• US stocks fell Friday morning, weighed down by dismal earnings from social media firm Snap.
• The company reported its slowest quarterly revenue growth ever, fueling fears of more tech weakness.

US stocks fell on Friday, led by a dismal earnings report from Snap. The social media company reported its slowest revenue growth in history, sending shares plummeting nearly 30%.

All three major stock indexes opened lower, with investors knocking down shares of other tech giants in response to Snap's results.

Meta shares were down 3%, and Twitter shares were down 5%, with both companies expected to report financials next week. Reports say Elon Musk told investors he would slash 75% of Twitter's workforce once his acquisition of the social media platform goes through, while a separate report said that the US government could take a look at Musk's recent business activity, including his Twitter purchase.

The 10-year Treasury ticked higher by about six basis points to 4.2%, shortly after touching its highest levels since the 2008 crisis on Thursday. Markets are still spooked by fears of persistently high inflation and more Fed tightening to come.

Here's where US indexes stood at the 9:30 a.m. opening bell on Thursday:

• S&P 500: 3,651.69. down 0.38%

• Dow Jones Industrial Average: 30,306.99, down 0.09% (26.6 points)

• Nasdaq Composite: 10,555.62, down 0.56%

Here's what else is happening today:

• Elon Musk predicts there will be a recession in the spring of 2024 and has slammed the central bank for "raising rates more than they should."
• Ex-Treasury chief Larry Summers expects the Fed to keep raising its policy rate past 5%, but notes the market has already priced in most of that tightening.
• Hedge fund star David Einhorn warned that stocks could fall and the Fed's rate hiking regime could backfire on the US economy, possibly resulting in a currency or sovereign-bond crisis.

In commodities, bonds and crypto:

• West Texas Intermediate crude added on 0.2% to trade at $84.72 per barrel. Brent crude, the international benchmark, slipped 0.17% to $92.84.
• Gold rose 0.14% to $1,639.50 per ounce.
• The 10-year Treasury yield rose six basis points to 4.28%.
• Bitcoin slipped 1% to $18,960.76.