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Wall Street falls sharply in the face of the collapse of more than 40% of Snapchat

Wall Street falls sharply in the face of the collapse of more than 40% of Snapchat

The technology sector was the trigger for the day’s declines. The Snapchat social network sinks 43.5% after anticipating that its results would not meet analysts’ expectations and will lower its income forecasts. That caused the rest of the technology stocks to fall like dominoes.

For its part, from Morgan Stanley they warned that all ad platforms will be affected by the drop in advertising. “Advertising is cyclical”they remembered.

The collapse of this platform drags other technology with it. Meta, owner of Facebook or Instagram, is the main victim, with declines that exceed 9%. Losses at Alphabet are close to 8%, while at Amazon and Netflix they are around 5%. Apple and Microsoft are the companies that best come out of the day among the giants of the sector, although they leave 3% and 2%, respectively. Once again the stock markets return to their correction phase that has already accumulated seven weeks with a negative trend.

In the oil market, the US benchmark West Texas barrel remains at $110, while gold is up nearly 1% to $1,860 per ounce. Lastly, heThe 10-year US bond yield fell to 2.767%, its lowest level since April 27.

Source: Ambito

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