Repeating the troubling pattern, the stock market has restored much of the previous day’s meeting as many companies and recent economic data show volatile economic conditions.
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| Best Buy(BBY) |
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Nasdaq withdrew Monday's total gain of 1.6% as the pair dropped 3.4%. The S&P 500 fell 1.9% and gave up all of Monday's meeting.
As of April, the Nasdaq and S&P 500 circles have been temporary, with sales taking place the next day or just a few days. Tuesday's decline is the latest example of this bearish trend.
Dow Jones Industrial Average is down 0.9% while Walt Disney (DIS) is down 3%. The volume fell on the Nasdaq and peaked on the NYSE compared to the same period on Monday.
Stock Market Fears Grow After Snap Warning
Snap (SNAP) fell by almost 40% on its worst day, according to Dow Jones Market Data. A Snapchat parent has warned that its second-quarter results will miss out on company goals. It was an unusual Snap announcement, which on April 21 missed out on Q1 ratings and warned at the time that its revenue was growing at a slower rate than expected.
Within just a few weeks, the situation worsened.
"Since we issued the directive on April 21, 2022, the macroeconomic situation has deteriorated sharply and faster than expected," the company said in a SEC file filing Monday.
The warning sent a chill to Wall Street, worried about the economic downturn. Some social media platforms have been sold, too. Facebook parent of Meta Platforms (FB) and Alphabet (GOOGL) dropped by about 7% each with heavy volume. Twitter (TWTR) - responsible for Elon Musk's uncertain acquisition - dropped by 2%.
Global X Social Media (SOCL), an industry-leading ETF, has declined by 8% and declined by more than 30% per year.
Retail Earnings Mainly Soft
After trading last week, Best Buy (BBY) released a mixed report for the April quarter earlier today, but stocks have risen by 2%. The consumer electronics series met profit margins as sales rose above expectations. Still, the company direction was cool.
Best Buy Co Inc (BBY)
For the full financial year, the median area of the Best Buy forecast for a fixed profit of $ 8.70 shares in sales of $ 49.1 billion. Its previous forecast was for $ 9 a share in the $ 50.1 billion sale. It now expects sales of the same store to drop by 3% to 6%, from a previously expected decrease of 1% to 4%.
Abercrombie & Fitch (ANF) was another accident this morning in the retail sector. The chain of youth-focused assets has missed out on interest rates and reduced its full-year forecast. Stocks fell 27% in November 2020.
But AutoZone (AZO) rose 1.7% after the auto parts retailer overcame profits, sales and similar store rates.
(FFTY) decreased by 1.3%. The Boise Cascade (BCC) has dropped below its 50-day moving average, though there is no sales signal to date.
Economic Data Doesn't Help Stock Market
The Composite Purchasing Managers' Index has fallen below economic levels. The May flash composite index for May was 53.8, down from 56 in April and below the consensus average of 55.5. The growth rate has been slow for four months, and the index is now below the long-term average of 54.8, says S&P Global.
The 57.5 study production index also exceeded 58.9 views. 53.5 service index averages 55.3.
"Manufacturers and service providers have shown a slowdown in productivity amid high inflationary pressures, a steady decline in supplier delivery times and a weaker demand growth," notes S&P Global.
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