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Stocks finished down on Friday despite the strongest quarterly GDP report in nearly four years, with the Dow Jones Industrial Average losing 76 points and the tech-heavy Nasdaq off 114 points.

Expand chart
Data: Money.net; Chart: Axios Visuals

There is rarely a single reason for why markets rise or fall, but here are some explanations for today's dichotomy:

Tech troubles: Intel and Twitter both came out with troubling earnings reports, dragging down a tech sector that has been largely leading the way in 2018. Apple, Google and Microsoft all finished lower, although Amazon climbed.

  • Nasdaq's 1.46% loss was its worst in over a month, while the tech component of the S&P 500 fell 2% (overall index was down -0.7%).

Rate rise: The GDP report virtually guarantees that the Fed will continue to slowly raise interest rates. This was already assumed, but perhaps some holdouts only got the message today.

  • We've previously seen stocks fall after strong monthly jobs reports, for similar reasons.

Meh factor: There is widespread skepticism that 4.1% GDP can be maintained next quarter, let alone in 2019. Particularly given that the figure may, in part, have been inflated by exporters trying to beat tariff deadlines. Add in that most economists had been predicting a very strong Q2 number, and there really wasn't the sort of upside optimism that sparks buying.

Go deeper

Mike Allen, author of AM
47 mins ago - Politics & Policy

GOP senator calls for senility test for aging leaders

Photo: "Axios on HBO"

Sen. Bill Cassidy (R-La.), a physician, told me during an "Axios on HBO" interview that he favors cognition tests for aging leaders of all three branches of government.

Why it matters: Wisdom comes with age. But science also shows that we lose something. And much of the world is now run by old people — including President Biden, 78 ... Speaker Pelosi, 81 ...  Senate Majority Leader Chuck Schumer, 70 ... and Senate Minority Leader Mitch McConnell, 79.

Ina Fried, author of Login
57 mins ago - Technology

Intel CEO blames predecessors for manufacturing woes

Axios on HBO

When it comes to Intel's recent manufacturing problems, Intel CEO Pat Gelsinger places the blame squarely on his predecessors — many of whom he notes were not engineers deeply steeped in chip technology, as he is.

Why it matters: Gelsinger has announced a broad plan to reinvigorate Intel by doubling down on manufacturing. However, the strategy depends on the venerable semiconductor giant recovering from recent stumbles.

Marketing to Generation Alpha

Illustration: Rae Cook/Axios

Marketers are pouring money into figuring out the tastes and habits of Generation Alpha — kids born from 2010 through 2024 — who are unprecedented in the extent they're growing up online.

Why it matters: They're weaned on TikTok, Amazon and in-app purchases. They're learning from their millennial parents to hold brands accountable for causes like social justice and sustainability. And no prior age cohort will be as large in size or marketing power.