Business Standard

Monday, December 23, 2024 | 08:34 PM ISTEN Hindi

Notification Icon
userprofile IconSearch

Wall Street drops as economic data, weak forecasts re-ignite slowdown fears

Snap set for worst day on record after profit warning; Abercrombie & Fitch slumps after lowering revenue outlook

Wall Street
Premium

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City (Photo: Reuters)

Reuters
Wall Street's main indexes plunged on Tuesday, with the tech-heavy Nasdaq leading the slump, as economic data and bleak company forecasts added to nerves about slowing growth amid decades-high inflation.

Snap Inc plummeted 40.6%, dragging down several social media and internet stocks, after the Snapchat owner slashed its second-quarter earnings forecast and said the economy had worsened faster than expected in the last month.
The stock was set for its worst single-day drop.

Twitter Inc, Google-owner Alphabet Inc, Meta Platforms Inc and Pinterest Inc, which rely heavily on advertising revenue, fell between 4.1% and 24.3%.

"We are seeing weakness possibly in consumer and now

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

What you get on BS Premium?

  • Unlock 30+ premium stories daily hand-picked by our editors, across devices on browser and app.
  • Pick your 5 favourite companies, get a daily email with all news updates on them.
  • Full access to our intuitive epaper - clip, save, share articles from any device; newspaper archives from 2006.
  • Preferential invites to Business Standard events.
  • Curated newsletters on markets, personal finance, policy & politics, start-ups, technology, and more.
VIEW ALL FAQs

Need More Information - write to us at assist@bsmail.in