Nasdaq Logs Triple-Digit Loss After Snap Warning Slams Tech

The 10-year Treasury yield also pulled back today

Deputy Editor
May 24, 2022 at 4:26 PM
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The Wall Street selloff was thwarted in the final hour of trading on Tuesday. While the Nasdaq limped away with a triple-digit loss as tech stocks took a hit following Snap's (SNAP) dire financial warning, the Dow turned things around just before the close and finished the session 48 points higher. The S&P 500, meanwhile, crept back towards bear market territory today, after the 10-year Treasury yield fell to 2.73% as recession fears renewed interest in bonds.

In other news, new home sales slid 16% in April to their lowest levels since the start of the Covid-19 pandemic, and the Biden administration revealed plans to ban Russia's government from paying bondholders through U.S. banks, increasing the latter country's risk of outstanding debt default.

Continue reading for more on today's market, including:

  • How this tech concern shook up Wall Street.
  • The bullish case for this growth stock.
  • Plus, auto concern's earnings results; Broadcom's latest acquisition bid; and 1 pet retailer's sales jump.

The Dow Jones Average (DJI - 31,928.62) gained 48.4 points, or 0.2% today. McDonald's (MCD) led the 18 Dow gainers, adding 2.7%. Walt Disney (DIS) paced the laggards, with a 4% drop.

The S&P 500 Index (SPX - 3,941.48) lost 32.3 points, or 0.8% for the day, while the Nasdaq Composite (IXIC - 11,264.45) erased 270.8 points, or 2.4% for the session.

Lastly, the Cboe Market Volatility Index (VIX - 29.45) added 1 point, or 3.4% today.

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5 Things to Know Today

  1. A group over 150 millionaires, known as "Patriotic Millionaires," are making an unusual request at the World Economic Forum. (CNBC)
  2. Amid a baby formula shorts, a federal judge sentenced these baby formula brokers to hefty prison terms. (MarketWatch)
  3. How Advanced Auto Parts' earnings report turned out.
  4. More on Broadcom's latest takeover plans.
  5. This pet retailer saw a massive jump in comparable sales.

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Gold Scores 4th-Straight Win

Oil prices inched lower on Tuesday, after U.S. Energy Secretary Jennifer Granholm reportedly said the White House could potentially ban petroleum exports. July-dated crude lost 52 cents, or 0.5%, to settle at $109.77 per barrel.

Investors flocked back to bullion, with gold prices scoring their fourth-straight win after U.S. economic data tripped up Wall Street. June-dated gold tacked on $17.60, cents, or 1%, to settle at at $1,865.40 an ounce.

 

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