Business Standard

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

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

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First Published: May 24 2022 | 8:45 PM IST

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