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Stocks End Three-Day Rally on Tech, Growth Woes: Markets Wrap

  • Poor Snap Inc. results take a toll on rivals in Nasdaq 100
  • Ten-year Treasury yield below 3% reflects economic angst
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WATCH+: HG Research Founder & CEO Hans Goetti says he is still of the view that we have not seen the end of this bear market just yet.Source: Bloonmberg
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US stocks fell as disappointing results from social-media firms and weak economic data added to recession fears. Treasuries rallied as traders dialed back bets on Federal Reserve hikes, while the dollar retreated.

The S&P 500 dropped for the first time in four days, while the tech-heavy Nasdaq 100 underperformed major benchmarks, closing down 1.8%. Snap Inc.’s poor results and Twitter Inc.’s sales miss raised concern about online ad spending and weighed on shares of Facebook parent Meta Platforms Inc. and Google owner Alphabet Inc. Hardware and storage companies including Micron Technology Inc. and Western Digital Corp. fell after Seagate Technology Plc’s earnings miss and weak outlook.