NEW YORK (dpa-AFX) – Due to bad news from the social media industry, the US stock markets gave up most of their gains from the previous day on Tuesday. The bad mood spread above all the cashed forecast from Snap
, which dragged down large parts of the industry. The news from the Snapchat group fueled renewed concerns about risks to economic growth.
“All things considered, we believe the headwinds for Snap are coming from many directions,” writes JPMorgan analyst Doug Anmuth. He assumes that the group’s cautious tenor also harbors downside risks for other stocks from the online industry.
Against this background, the leading index Dow Jones Industrial
in early trading by 1.31 percent to 31,463.94 points. The previous day it had increased by almost 2 percent. The losses in the market-wide S&P 500 were clearer
, which fell by 2.12 percent to 3889.44 points. The tech-heavy Nasdaq 100 slipped 3.28 percent to 11,639.27 points./jcf/la/ngu
ISIN US2605661048 US6311011026 US78378X1072
AXC0269 2022-05-24/16:44
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