Key Wall Street indexes are moving negatively on Tuesday after yesterday’s jump, with the tech industry at the center of pressure after Snapchat, the parent company of the Snapchat app, warned of its profitability in the coming months. and pending further statements by Federal Reserve Chairman Jerome Powell.
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.
Shares of Snap plunged 39% after the company warned it was expected to lose quarterly estimates as the economy “deteriorated more and faster than expected”.
Snap’s warning has also affected other tech-based tech companies. Facebook’s Meta Platforms is down 8.8%, Pinterest is down 20%, while Google’s Alphabet is down more than 6% and Twitter is down 2.5%.
Indicators – Statistics
On the board, the Dow Jones lost 156.81 points or -0.50% at 31,723.25 points, while the S&P 500 fell 52.86 points or -1.33% to 3,920.25 points. The technological Nasdaq drops 310.20 points or -2.72% to 11,222.60 points.
Of the 30 stocks that make up the Dow Jones industrial average, 12 are moving with a positive sign and 18 with a negative one. The biggest gainers were JPMorgan Chase with gains of $ 1.82 or 1.46% at $ 126.42 followed by McDonald’s at $ 240.91 with gains of 1.22% and Coca-Cola with gains of 0 , 94% to $ 63.45.
On the other hand, the three stocks with the biggest losses are Walt Disney (-3.41%), Boeing (-3.32%) and Salesforce (-3.27%).
Investors are also waiting for the speech of Fed Chairman Jerome Powell later today for more information on the course of monetary policy in the coming months. Investors are now waiting for the US Federal Reserve to raise two more interest rates by 50 basis points at a time in the next two monetary policy sessions.
From the front of the results, the online store chain Best Buy announced revenues that exceeded the estimates of Wall Street analysts, leading to a jump of 5% in its shares.