The Globe and Mail reports in its Friday edition that the S&P 500 and Nasdaq fell on Thursday, weighed down by drops in Tesla and Netflix following their quarterly results, but the Dow advanced for a ninth straight day thanks to gains in Johnson & Johnson following a strong annual forecast. A Reuters dispatch to The Globe says that Toronto ended lower, with a jump in bond yields putting downward pressure on the tech sector. Tesla's shares tumbled 9.74 per cent after the electric-vehicle maker reported a drop in its second-quarter gross margins to a four-year low and chief executive officer Elon Musk hinted at more price cuts. Netflix slumped 8.41 per cent after the streaming video company's quarterly revenue fell short of estimates. The S&P/TSX Composite Index ended at 20,436.87, down 54.3 after posting a two-month high the previous day. "We're in a situation where the risk-reward is not positive," said Joseph Abramson at Northland Wealth Management. "Valuations are pricey, liquidity is decreasing, growth is slowing and we're entering a risky part of the year. August and September are usually not that kind to markets." The Toronto Stock Exchange's technology sector fell 2 per cent as bond yields climbed.