The tech market closed down and carried to the dip due to the yellow social media Snapchat which lost more than 40%. Its free-fall seems due to the cut to guidance on revenue and profitability with a deterioration of the macroeconomic environment.
In a node the yellow social media justified its decline due to the deteriorating macro’s evolving effect on digital advertising.
That lead other social media down with the tech sector as well: Microsoft and Meta, respectively -0.40% and -7.62%: Amazon (-3.21%), Snap (-43.08%), and Netflix (-3.79%), Google (-5.14%), Paypal (-3.12%) and Twitter -5.55%, Apple -1.92%.
Chipset producers AMD and NVIDIA respectively down by -4.11% and -4.40%.
Smart mobility tumbled with the market with Lyft down in double digit (-17.27%) and Uber Technologies (-9.38%).
The energy sector stacked a lot of gains at the beginning of the week with most of the stocks gaining more than 1.5%. In brief the energy sector: BP reported a -0.09%, Baker Hughes (+1.60%), APA(-1.20%), Devon Energy Corporation (-0.94%) Schlumberger NV (+0.21%), Halliburton (+0.39%).
The financial services sector saw the stocks closing the day mainly down: Signature Bank and Citigroup closed respectively -3.47% and -0.17%. All the others followed this uncertainty: Visa (-2.38%) and American Express (-2.14%), JPMorgan Chase (+1.41%), Morgan Stanley (-0.43%), Goldman Sachs -0.84%.
The positive trend drawn in the latest session didn’t follow the airline companies which were all down more than 3% each. In detail: American Airlines. Boeing gained around -3.76%, United Airlines up (-7.13%), Alaska Air Group (-4.84%), and American Airlines (-7.46%).