Stocks fell Friday, giving up some of their gains from earlier in the week, as concerns about the global economy and the prospects for profitability at large internet companies grew.

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The S&P 500 dropped 0.9%, snapping a three-day run that had propelled Wall Street to its highest level in six weeks. The Nasdaq composite led the market lower, falling 1.9% as a result of worse-than-expected earnings announcements from Snap, Seagate Technology, and other technology companies.

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The Dow Jones Industrial Average fared better, falling by 0.4%. This was due in large part to the fact that constituent American Express released a positive earnings report and stated that its cardholders were spending more.

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On Friday the two-year Treasury yield tumbled again, to 2.98% from 3.09% late Thursday and from 3.14% a week ago, on worries about the economy. A report Friday morning indicated U.S. business activity may be shrinking for the first time in nearly two years, with service industries particularly weak.

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Friday’s reports are the latest to show parts of the economy are slowing more than expected. While that raises the threat of a recession, it also has traders ratcheting back expectations for the Federal Reserve’s aggressiveness next week. Instead of a full percentage point, traders now see an increase in rates of 0.75 percentage points as the most likely outcome.

The 10-year Treasury yield fell to 2.76% from 2.91% late Thursday.

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In the stock market, the company behind the Snapchat app tumbled 39.1% after it reported a worse loss and lower revenue for the spring than Wall Street forecast.

The weakness for Snap could mean pressure on other companies that depend on internet advertising, which also happen to be among Wall Street’s most influential stocks. The parent companies of both Facebook and Google are scheduled to report their earnings next week. The pair fell 7.6% and 5.6% respectively on Friday, accounting for two of the heaviest weights on the S&P 500.

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The S&P 500 lost 37.32 points to close at 3,961.63. The Dow fell 137.61 to 31,899.29, and the Nasdaq fell 225.50 to 11,834.11.

Adding to the pain for tech, data storage company Seagate Technology lost 8.1%. It said anti-COVID measures in Asia and slowing global economic conditions last quarter hit its results, which fell short of forecasts.

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Verizon dropped 6.7% after its profit fell short of expectations, though its revenue squeaked past. It also cut its forecast for earnings this year.

On the winning side was American Express, which rose 1.9% after it delivered better profit for the spring than analysts expected. It said customers spent more on travel and entertainment in April than they did before the pandemic, the first time that’s happened.

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The encouraging data bolstered some recent comments from CEOs at big banks, who said their customers appear to be in solid financial shape despite all the worries about inflation and the economy. Despite Friday’s drops for Wall Street, the S&P 500 still rose 2.5% for the week.