NEW YORK, May 24 (FintechZoom): The US market tumbled this Tuesday due to bad performances from some of the big tech. In red as well all the markets included smart mobility and financial services. Only the energy sector is slightly in the green. Major indices went down: S&P fell 0.6%, NASDAQ fell -2.35%, and Dow Jones Industrial Average gained +0.15%.
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%).
Most traded stocks:
- Snap -43.08% 283.36M
- AMD -4.11% 122.34M
- Apple -1.92% 103.43M
- NVIDIA -4.40% 56.61M
- Meta Platforms -7.62% 50.17M
Top Gainers of US Stocks
- CynergisTek 100.00%
- Better Therapeutics 69.77%
- Scisparc 42.86%
- Americas Car-Mart 30.76%
- Quantum 25.48%
Top Losers of US Stocks
- Genocea Bio -72.69%
- Snap -43.08%
- BigBearai Holdings -39.62%
- Walkme -34.43%
- TC BioPharm Holdings -34.15%