Slump for Tech Chops Off Chunk of Wall Street’s Winning Week

Slump for Tech Chops Off Chunk of Wall Street’s Winning Week
Traders work on the floor at the New York Stock Exchange in New York on July 1, 2022. Seth Wenig/AP Photo
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NEW YORK—Stocks slipped Friday, giving back some of their gains from earlier in the week as worries brewed about the global economy and prospects for profits at big internet companies.

The S&P 500 lost 0.9 percent to break a three-day rally that had carried Wall Street to its highest level in six weeks. The Nasdaq composite led the market lower with a 1.9 percent drop following worse-than-expected profit reports from Snap, Seagate Technology, and other tech-oriented companies.