Wall Street's benchmark S&P 500 index lost 0.8% after the profit warning Tuesday by Snapchat’s parent company. Spooked investors dumped social media stocks. Construction stocks fell after U.S. home sales plunged in April.
The Dow Jones Industrial Average gained 0.2% to 31,928.62 and the Nasdaq composite, dominated by tech stocks, fell 2.3% to 11,264.45 after the social media selloff. Snap plummeted 43.1%, its biggest single-day drop ever. Facebook parent Meta slumped 7.6%. Google’s parent fell 5.1%. Retailers and companies that rely on direct consumer spending declined. Amazon slid 3.2% and Target fell 2.6%.
Homebuilders slumped following a government report showing that April sales of newly built homes plunged 26.9% from a year earlier. KB Home fell 2.7%.Markets
HOBO : Hedge Own By Others. Strategy from the movie THE CRASH.