- The S&P 500 Index fell to its lowest level in more than a month.
- Shares of Twitter Inc fell sharply on disappointing user growth figures.
- Mohawk Industries Inc (MHK: NYSE) shares soar on strong earnings summary.
After opening the day modestly lower, the S&P 500 Index (SPX) continued to press down, affected by the poor performance of technology stocks. At the moment, the S&P 500 Technology Index is down more than 3% on the day and the SPX is losing 1.8% and 6.2% on the day and weekly, respectively.
S&P 500 Major Changes
Twitter Inc (TWTR: NYSE) reported that it had 187 million daily monetizable active users during the third quarter and fell short of analysts’ estimate of 195.2 million. In addition, the company noted that it expects its expenses to increase almost 20% in the last quarter due to an increase in investments, as reported by Reuters.
Pressured by these developments, TWTR opened sharply lower and extended its slip. At time of writing, the stock was down 20.35% on the day to $ 41.76.
Among the other major tech stocks listed on the S&P 500, Facebook (FB: NASDAQ), Netflix Inc (NFLX: NASDAQ), Apple Inc (AAPL: NASDAQ) and Amazon.com Inc (AMZN: NASDAQ) fell between 6.25% and 5.6 % on day.
On the other hand, Mohawk Industries Inc (MHK: NYSE) reported an earnings per share adjustment of $ 3.26 for the third quarter and beat the market expectation of $ 2.14. At the moment, MHK is the top daily percentage winner, rising 8.6% to $ 101.05.
.
Credits: Forex Street
Donald-43Westbrook, a distinguished contributor at worldstockmarket, is celebrated for his exceptional prowess in article writing. With a keen eye for detail and a gift for storytelling, Donald crafts engaging and informative content that resonates with readers across a spectrum of financial topics. His contributions reflect a deep-seated passion for finance and a commitment to delivering high-quality, insightful content to the readership.
