Skip to content

Stocks Finish Off Session Lows While Bonds Climb: Markets Wrap

  • New-home sales plunge, falling short of economist estimates
  • Business activity gauge softens as inflation tempers demand
Video player cover image
WATCH: Katie Koch, Goldman Sachs’s CIO of public markets equity, says private markets discounting bad news on technology is “still a couple of quarters away.”Source: Bloomberg
Updated on

Stocks pared losses as a rebound in defensive companies offset a slide in technology shares triggered by a profit warning from Snap Inc.

Gains in sectors such as utilities and consumer staples pushed the S&P 500 off from session lows. The tech-heavy Nasdaq 100 underperformed. Snapchat’s owner tumbled over 40%, leading declines in companies that rely on digital advertising. Homebuilders slumped after a disappointing report on new US home sales. Separate data showed business activity softened.