Technological pressures on the Wall, Nasdaq plunged 2.7%

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S&P and Dow Jones are trying to limit their losses, while the technology Nasdaq continues in the deep red in the wake of the warning of Snap, the parent company of the Snapchat application, for the course of its profitability in the coming months.

Shares of Snap plunged 40% after the company warned it was expected to lose quarterly estimates as the economy “deteriorated more and faster than expected”.

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Snap’s warning has affected other tech companies that rely heavily on revenue-generating ads. Facebook’s Meta Platforms is down 8%, Pinterest is down 22%, while Google’s Alphabet is down more than 5% and Twitter is down 5%.

Indicators – Statistics

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On the board, the Dow Jones lost 102.23 points or -0.32% at 31,778.01 points, while the S&P 500 fell 51.31 points or -1.29% to 3,922.44 points. The technology Nasdaq drops 305.73 points or -2.65% to 11,229.54 points.

The industrial Dow was earlier found to lose more than 400 points, while the S&P recorded a dip of more than 2%.

Of the 30 stocks that make up the Dow Jones industrial average, 14 are moving with a positive sign and 16 with a negative. The biggest increase is recorded by McDonald’s with gains of $ 6.50 or 2.73% at $ 244.50, followed by IBM at $ 133.59 with an increase of 1.84% and Verizon Communications with gains of 1.50 % at $ 50.42

On the other hand, the three stocks with the biggest losses are Walt Disney (-4.21%), Boeing (-4.18%) and American Express (-2.64%).

The index recorded impressive gains on Monday, with the industrial Dow Jones adding 618.34 points or 2% and the broader S&P 500 gaining 1.9%. The technology Nasdaq strengthened by 1.6%. Monday’s rise followed the biggest weekly loss for the Dow Jones since 1932 and the temporary collapse of the S&P 500 in bear-market area last week.

At the end of the day, economic activity in the US slowed down again in May, as high inflation and supply chain problems continue to weigh on US companies.

In particular, the composite PMI for services and manufacturing fell to a four-month low of 53.8 in May from 56.0 in April, according to preliminary data from S&P Global.

The services business index slipped to a four-month low of 53.5 points from 55.6 points in April, while the manufacturing PMI fell to a three-month low of 57.5 points from 59.2 points a year earlier. month.

“Preliminary data from the May survey show that the recent growth spurt has lost further momentum,” said Chris Williamson, chief economist at S&P Markit. “Companies say demand is driven by worries about the cost of living, higher interest rates and the wider economic slowdown,” he added.

Source: Capital

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