Stocks Slip at Noon

The S&P 500 edged lower a day after the benchmark closed at a record.

The Dow Jones Industrials erased 13.52 points to 35,589.56.

The S&P 500 lost 16.51 points to 4,553.27.

The NASDAQ Composite fell 157 points, or 1%, to 15.058.70, after poor results from two technology companies.

Shares of Intel retreated more than 10% following a weaker-than-expected sales report. The semiconductor company blamed an industry-wide chip shortage for its revenue miss.

Social media stocks also dropped after Snap said its advertising business declined due to Apple’s privacy changes. Snap shares sunk more than 23%. Facebook dipped 4% and Twitter pulled back 3%.

However, several tech stocks rose to all-time highs. Tesla shares extended their rally, rising 1% after hitting a new intraday high earlier in the morning. The stock closed 3% higher Thursday after posting record profit and revenue, along with strong margins. Netflix, Ebay and Microsoft also climbed to new all-time highs.

Prices for 10-year Treasurys regained ground, lowering yields to 1.65% from Thursday’s 1.69%. Treasury prices and yields move in opposite directions.

Oil prices gained 53 cents to $83.03 U.S. a barrel.

Gold prices gained $6.20 to $1,788.1 U.S. an ounce.