Social Media Stocks Slump, Market Near Record Highs
Friday was a turbulent day for tech investors with equity across various social media. An issue with Apple, as well as the recent technical crashes, seem to have taken their toll on Facebook and others. Meanwhile, Friday seems to have been a great day for the stock market overall, as indexes neared record highs.
While the previous month has brought a negative news and indicator for investors, there’s currently a rally. The recovery comes from strong corporate earning data, with positive movements throughout the week. That has removed a portion of the worries that weighed markets down. The factors include inflation, the central bank stimulus, and continuous supply difficulties.
However, there are still other difficulties acting as a barrier to prevent the market for rising. Honeywell International is suffering from rising costs and has decided to cut guidance. Snap also slid because of changes that Apple made to its advertisement policies. Intel is also suffering from various difficulties, and has been for a prolonged time now. But while these three are having problems, it doesn’t seem to be indicative of wider complications.
However, those that did lose, lost by a significant margin. Snap, in particular, is suffering massively, as its shares lost 20% of their value in a short period. Intel was less drastic, shaving off 3% because of disappointing corporate earnings data.
As we said earlier, stock indexes are nearing all-time high values. Paradoxically, not all three major indexes displayed upward movement in futures trading for Friday. Nasdaq was the definite outlier, with its futures sliding 0.2%, the only one of the major indexes to move downwards. S&P 500 was up slightly, with its futures umping 0.1% ahead of where they were. Lastly, the Dow Jones Industrial Average was the winner, but not by a massive margin, rising 75 points or 0.2%.