U.S. Stocks Open Lower on Tuesday; Snap Shares Plunge 35%
Tiger Newspress2022-05-24
Stocks fell early Tuesday morning as the markets struggled to sustain a comeback rally following weeks of losses.
The Dow Jones Industrial Average fell 140 points, or 0.4%. The S&P 500 dipped 1%, and the Nasdaq Composite dropped 1.9%.
Snap shares plummeted more than 35% after the company said it's bracing to miss earnings and revenue targets in the current quarter and warned of a hiring slowdown. Shares of Meta Platforms followed Snap lower, falling 6%, while Pinterest lost 17%.
Shares of major tech companies reliant on advertising spend followed Snap lower. Alphabet slid 4%. Amazon fell 2% and Apple and Netflix were each down more than 1%.
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