Technological pressures on Wall Street, Nasdaq plunges over 3%

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The main indicators of Wall Street in Tuesday’s trading continue in deep red after their jump yesterday, with the technology sector at the center of the pressures after the warning of Snap, the parent company of the Snapchat application, for the course 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.

Pressure returned to Wall today, however, with Snap shares plunging 40% after the company warned it was expected to lose quarterly estimates as the economy “deteriorated faster and faster than expected”.

Snap’s warning has also affected other tech-based tech companies. Facebook’s Meta Platforms is down 9.6%, Pinterest is down 25%, while Google’s Alphabet is down more than 6% and Twitter is down 4.4%.

Indicators – Statistics

On the board, the Dow Jones lost 418.45 points or -1.32% at 31,458.84 points, while the S&P 500 fell 87.77 points or -2.21% to 3,885.77 points. The technology Nasdaq drops 407.57 points or -3.52% to 11,132.41 points.

Of the 30 stocks that make up the Dow Jones industrial average, 8 are moving with a positive sign and 22 with a negative. The biggest increase is recorded by McDonald’s with profits of $ 3.14 or 1.32% at $ 241.14, followed by Coca-Cola at $ 63.40 with an increase of 0.85% and Johnson & Johnson with profits 0.57% to $ 180.47

On the other hand, the three stocks with the biggest losses are Walt Disney (-5.16%), Boeing (-4.87%) and Apple (-3.53%).

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 earnings that exceeded the estimates of Wall Street analysts, leading its shares to jump 5% earlier.


Source: Capital

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