Business Twitter and Facebook fall on red Wall Street |...

Twitter and Facebook fall on red Wall Street | Financial


In the states of Texas and Florida, some easings, such as opening cafes, are being reversed. Furthermore, Facebook and Twitter are in the spotlight now that Unilever is no longer advertising on social networks in the US this year.

At around 7:30 PM (Dutch time), the Dow Jones index was down 2.2 percent at 25,180 points. The broad-based S&P 500 fell 1.7 percent to 3,029 points, and tech exchange Nasdaq lost 1.8 percent to 9,840 points.

The Federal Reserve’s rules for banks after a stress test led to a sell-off in the banking sector. The institutions are not allowed to buy back their own shares until September. Bank of America was down 5.5%, while JPMorgan was down 5%.

Facebook (minus 7.1 percent) and Twitter (minus 7.3 percent) will no longer have to count on the advertising budget of the American branch of Unilever this year. The consumer goods maker believes that social networks are doing too little to stop polarization and hateful language on its platforms. Facebook has been the target of a boycott for some time, which included telecom company Verizon.

Furthermore, fashion chain Gap was one of the highlights after a deal with rapper Kanye West’s fashion label Yeezy. In the next ten years, he will design clothes for a special line for Gap. The stock made a price jump of over 23 percent.

Nike lost 6.4 percent. The company had a significantly lower turnover in the past quarter than a year earlier. Sportswear brand stores had to shut down in many parts of the world due to the corona pandemic. A loss of $ 790 million remained below the line.

Online store giant Amazon (minus 0.2 percent) takes over Zoox, which deals with self-driving cars. There was also a positive analyst report on Amazon. According to market experts, the company may well emerge as the big winner from the corona crisis.

The euro was listed at $ 1.1235 against $ 1.1207 at the closing bell in Europe. A barrel of American oil became 0.9 percent cheaper at $ 38.38. Brent oil fell 0.5 percent in price to $ 40.84.


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