Economy

US stocks end mixed: social media stocks sink

Shares of Snapchat’s parent company Snap fall more than 43%

Gökhan Ergöçün   | 25.05.2022
US stocks end mixed: social media stocks sink

ISTANBUL 

US stocks ended mixed Tuesday, with the Dow Jones Industrial Average managing to eke out a gain while the S&P 500 and Nasdaq indexes closed in the red, particularly due to negative results from social media stocks. 

After Snapchat’s parent company Snap Inc. warned investors that it would not be able to meet its revenue targets for the second quarter due to the macroeconomic environment, its shares fell more than 43%.

Shares of Meta meanwhile dropped more than 7% while those of Pinterest fell more than 23%, and shares of Google’s parent company Alphabet fell close to 5%.

The blue-chip Dow Jones Industrial Average ended up 0.15%, or 48.38 points, at 31,928.62.

The S&P 500 dropped 32.27 points, or 0.81%, to close at 3,941.48.

The tech-heavy Nasdaq sank 270.83 points, or 2.35%, to 11,264.45.

Major Asian and European stock markets also closed lower as investors worried about the global economic outlook and monetary policies.

Turkiye’s benchmark stock index was also down 0.25% to end at 2,375 points.

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