ASX to lift as investors eye Fed meeting, tech earnings

Snap finds itself increasingly abandoned by Wall Street, with more than a dozen brokerages downgrading the social media company’s stock after disappointing sales figures that sent shares into a tailspin.At least 14 brokerages and investment banks including Evercore ISI, KeyBanc and Oppenheimer, downgraded their recommendations and price targets since late Thursday, when Snap reported second-quarter revenue that missed estimates and held back guidance for the third quarter.

Snap and other social-media shares including Meta Platforms and Pinterest are under pressure as advertising spending by businesses, among their biggest revenue drivers, cools amid fears of a global recession and as competition from the likes of TikTok increases.

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ASX to lift as investors look to Fed meeting and tech earningsAustralian shares are set to open higher as Wall Street lost ground and investors looked ahead to the Federal Reserve meeting and the potential for strong earnings results later in the week.
Source: FinancialReview - 🏆 2. / 90 Read more »

ASX to lift as investors look to Fed meeting and tech earningsAustralian shares are set to open higher as Wall Street lost ground and investors looked ahead to the Federal Reserve meeting and the potential for strong earnings results later in the week.
Source: FinancialReview - 🏆 2. / 90 Read more »