Video shows drivers performing the stunts in the middle of the street while a large crowd gathered at North Broad and West Oxford streets.
The spectacle quickly came to a halt as shots rang out.
In a video that's been widely circulated online, a crowd of spectators is seen scattering as an arm extended out of an SUV's moonroof and fires off several shots.
"One car came in and spun around for a little bit. The passenger got out and he was like leaning on the side of the car, and shots like starting into the air like five or six times. Everyone just started panicking and there were people running everywhere," recalled Temple student Daniel Cappelli.
Cappelli and his friend were among them.
"I ran into the Rite Aid lot and then ran over to that field and there were cars driving across the field," he said.
"As soon as those shots were fired people were just running. And in a manner of like a minute, there were like six or seven police cars that were driving past our streets," added his friend Zachary Sultanik.
Those that were in attendance said they don't believe the person firing intended harm, but don't condone the behavior.
"They shot up straight up in the air. I think he was just trying to get people out of the way," Unique Caldwell of North Philadelphia said. "That wasn't the right way at all."
Temple University issued a tweet alerting the public of the shooting, but no further details have been released.
On social media, videos showing what appears to be shots being fired left many in shock.
"It's sad because this is our campus and we want to feel safe here," said student Carina Rozycki.
No injuries have been reported.
Many students Action News spoke with say the street stunts are common on the weekends with little to no incidents.