S&P 500 drops, but notches weekly gain | Snap tanks and drags tech | Stocks that usually beat on earnings

Investors digested disappointing results from Snap that sent social media shares reeling.

VIEW IN BROWSER | SUBSCRIBE FRI, JUL 22, 2022 EVENING BRIEF AS OF FRI, JUL 22, 2022 • 05:07 ET DJIA 31899.29 -0.43% -137.61 S&P 500 3961.63 -0.93% -37.32 NASDAQ 11834.11 -1.87% -225.50 Most Active DOW NAME LAST CHG %CHG AAPL 154.09 -1.26 -0.81% VZ 44.45 -3.21 -6.74% INTC 39.20 -1.41 -3.47% S&P 500 NAME LAST CHG %CHG CCL 9.26 -0.59 -5.99% AMD 88.10 -2.99 -3.28% T 18.40 -0.52 -2.75% NASDAQ NAME LAST CHG %CHG AMD 88.10 -2.99 -3.28% AAPL 154.09 -1.26 -0.81% NVDA 173.19 -7.31 -4.05% EDITOR'S NOTE All three major averages slipped on Friday, but managed to notch a positive week, even as poor earnings from Snap dragged tech shares.    Snap's stock cratered 39%, after the company pointed to slowing ad demand. Other social media and technology stocks got caught in the slump. Shares of Meta Platforms and Pinterest fell about 7.6% and 13.5%, respectively, while Alphabet lost more than 5%.   It was a reversal from earlier this week when a rally driven by better-than-expected results in tech stocks had some investors hopeful that the bear market has found its bottom.   "Snap has managed to snap the uptrend in the Nasdaq by reporting disappointing earnings, which has created a cascading effect on the S&P," said Sam Stovall, chief investment strategist at CFRA Research.    "This is just an example of the volatility that investors should expect as earnings are reported, and, therefore, could cause fluctuations in prices in response to better than or worse than results," Stovall added.  Wall Street is coming off of a strong week for markets, with the S&P 500 briefly hitting the 4,000 level on Friday for the first time since June 9.   Still, some strategists do not believe the bear market is over. Since World War II, nearly two-thirds of one-day rallies of 2.76% or more in the S&P 500 occurred during bear markets, with 71% occurring before the bottom was in, according to a note this week from CFRA's Stovall.   Stovall believes the broader market index could rally as high as the 4,200 level before coming back down to test June lows. Sarah Min | Investing Reporter at CNBC Pro @_sarahmin Watch our live stream for all you need to know to invest smarter. TOP NEWS  S&P 500 sheds nearly 1% Friday on Snap-led tech sell-off, but finishes higher on week Snap shares dive 39% following poor earnings report Twitter misses earnings expectations, partially blames revenue drop on Elon Musk takeover bid Former Trump aide Steve Bannon guilty in Jan. 6 contempt of Congress case Apple among the names reporting next week that typically beat on earnings, boosting shares RBC cuts S&P 500 forecast, likes small caps into the end of 2022 Travel spending is back, and it's not just consumers, American Express earnings show Verizon shares fall after company cuts full-year forecast Volkswagen CEO Diess to depart; Porsche boss Blume will lead the German auto giant Shippers are avoiding the Port of Oakland as trucker protests over gig worker law stop flow of trade TOP VIDEO There's enough pessimism in markets that you'll have room for upside, says Art Hogan CNBC PRO How the dollar's record rally is hitting companies this earnings season SPECIAL REPORTS More advisors turn to alternative investments to further diversify their clients in volatile market If you get health insurance through the public marketplace, a midyear review can help avoid a tax surprise Unsubscribe Manage Newsletters Terms of Service Join the CNBC Panel Digital Products Feedback Privacy Policy © 2022 CNBC LLC. All rights reserved. A property of NBCUniversal. 900 Sylvan Avenue, Englewood Cliffs, NJ 07632 Data is a real-time snapshot *Data is delayed at least 15 minutes. Global Business and Financial News, Stock Quotes and Market Data and Analysis. Data also provided by THOMSON REUTERS