U.S. stocks finish week with gains despite Friday tech sell-off

July 22 (UPI) -- The three major stock indexes in the United States ended the week with gains despite a tech sell-off Friday led by Snap, the company behind the app Snapchat.

The tech-heavy Nasdaq Composite index dropped 1.9% on Friday while the S&P 500 fell 0.9% and the Dow Jones Industrial Average lost 0.4%, according to market data from Nasdaq.

Despite the Friday losses, the Nasdaq ended the week up about 3.1% while the Dow and the S&P 500 finished the week 1.7% and 2.2% higher, respectively.

Snap fell an astonishing 39% on Friday to drop below $10 per share after the company released its second-quarter earnings on Thursday in which the social media giant said the quarter "proved more challenging than we expected" and missed analysts' expectations.

"While the continued growth of our community increases the long-term opportunity for our business, our financial results for Q2 do not reflect our ambition," said CEO Evan Spiegel in a news release Thursday.

"We are evolving our business and strategy to reaccelerate revenue growth, including innovating on our products, investing heavily in our direct response advertising business, and cultivating new sources of revenue to help diversify our topline growth."

The drop in Snap's stock was also seen to have impacted share prices for Meta Platforms, the parent company of Facebook, and Alphabet -- the parent company of Google.

Shares in Meta fell 7% while Alphabet shares dropped 5%, and social media company Pinterest fell 14%. However, Twitter shares rose about 0.8% on Friday.