London, Tuesday, 24 May 2022
US Markets Summary
Tuesday, U.S. stocks were generally lower after Snap Inc. (SNAP) posted its worst one-day decline in history, dragging down shares of technology peers.
Following a brief reprieve to start the week, the S&P 500 lost 0.8 percent, putting the index back on course for a bear market.
The Dow Jones Industrial Average rebounded 50 points in the final hour of trade, correcting earlier losses.
Following a poor prediction from social media firm Snap (SNAP), which drove shares down 43 percent, the Nasdaq Composite fell 2.3 percent under fresh pressure in tech sectors.
Snap Inc. CEO Evan Spiegel cut the company's outlook, citing rising prices and interest rates, supply chain limitations, and labour interruptions as reasons for the fall.
Snap's demise prompted a sell-off in its technological peers. Meta Platforms (FB) shares slumped 7.6%, while Alphabet (GOOG) shares fell 5% to a 52-week low.
Main moves in markets as of 4:02 p.m. ET:
· S&P 500 (^GSPC): -31.78 (-0.80%) to 3,941.97
· Dow (^DJI): +50.82 (+0.16%) to 31,931.06
· Nasdaq (^IXIC): -270.83 (-2.35%) to 11,264.45
· Crude (CL=F): -$0.10 (-0.09%) to $110.19 a barrel
· Gold (GC=F): +$17.10 (+0.93%) to $1,864.90 per ounce
· 10-year Treasury (^TNX): -9.9 bps to yield 2.7600%
(Source: Yahoo Finance // Edit by: The Decision Maker)
European Markets Summary
The major European stock markets fell on Tuesday.
The STOXX Europe 600 index, which comprises about 90% of the European market capitalisation in 17 nations, down 4.96 points, or 1.14 percent, to 431.58.
The FTSE 100 index in the United Kingdom fell 29.09 points, or 0.39 percent, to 7,484 points.
The DAX 30 in Germany down 1.8%, or 255.65 points, to 13,919, while the CAC 40 in France fell 1.66 percent, or 105.6 points, to 6,253.
The FTSE MIB in Italy fell 260.48 points, or 1.08 percent, to 23,876.
Meanwhile, Spain's IBEX 35 was the sole index to rise, rising 5.4 points, or 0.06 percent, to 8,631 at the close of the day.
Investors are concerned about the global economic outlook and monetary policy, therefore major Asian stock markets closed lower as well.
(Written and edited by: The Decision Maker)