Analyst ViewUS Markets tanked on Thursday with a general downturn across the board, selling picking up in the final hour of trading after Facebook's disappointing quarter and ahead of results from Amazon. The Nasdaq Composite lost 3.7% and Facebook shares tumbled 26.4%.
| Ticker |
Security |
Last |
Change |
Change % |
| I:COMP |
NASDAQ COMPOSITE INDEX |
13878.82 |
-538.73 |
-3.740% |
| FB |
META PLATFORMS INC. |
237.7600 |
-85.24 |
-26.39% |
The social networking giant reported net income fell to $10.2 billion from $11.2 billion during the same period a year ago or $3.67 versus $3.88 per share. Revenue rose to $33.6 billion from $28 billion a year ago. The company warned that inflation is hurting customers' ad budgets.
The weakness in tech spilt over into the broader market with the S&P 500 off over 2.4% and the Dow Jones Industrial Average fell 519 points or 1.5%.
| Ticker |
Security |
Last |
Change |
Change % |
| I:DJI |
DOW JONES AVERAGES |
35111.16 |
-518.17 |
-1.45% |
| SP500 |
S&P 500 |
4477.44 |
-111.94 |
-2.44% |
Other social media stocks nose-dived including Twitter, Snapchat and Pinterest.
| Ticker |
Security |
Last |
Change |
Change % |
| TWTR |
TWITTER INC. |
34.48 |
-2.03 |
-5.56% |
| SNAP |
SNAP INC. |
24.50 |
-7.57 |
-23.60% |
| PINS |
PINTEREST INC. |
24.51 |
-2.82 |
-10.32% |
Telcom Stock, T-Mobile bucked the downtrend in the market after reporting higher than expected profits. AT&T also got a boost.
| Ticker |
Security |
Last |
Change |
Change % |
| TMUS |
T-MOBILE US INC. |
120.78 |
+11.20 |
+10.22% |
| T |
AT&T INC. |
24.56 |
+0.02 |
+0.08% |
The inflationary trend continues to influence price of stocks and investors sentiments. More focus on retailing giant Amazon.com. Investors will also parse results from Wall Street Journal parent News Corp., automaker Ford Motor, and videogame maker Activision Blizzard, which is being acquired by Microsoft for $69 billion.
| Ticker |
Security |
Last |
Change |
Change % |
| AMZN |
AMAZON.COM INC. |
2,776.91 |
-235.34 |
-7.81% |
| F |
FORD MOTOR CO. |
19.89 |
-0.74 |
-3.59% |
| ATVI |
ACTIVISION BLIZZARD INC. |
78.95 |
-0.30 |
-0.38% |
| MSFT |
MICROSOFT CORP. |
301.25 |
-12.21 |
-3.90% |
Investors are reviewing the latest round of corporate earnings to gauge the damage that rising costs have had on different industries and how companies will deal with inflation moving forward.
Most of the companies that have reported results for the last three months of 2021 have delivered earnings and revenue that topped forecasts, despite the higher costs they face due to rising inflation.
Commodities, U.S. crude climbed to the $90 per barrel level, a seven-year-high while Brent was slightly higher.
| Ticker |
Security |
Last |
Change |
Change % |
| USO |
UNITED STATES OIL FUND L.P. |
63.51 |
+0.99 |
+1.58% |
| BNO |
UNITED STS BRENT OIL FD LP UNIT |
24.60 |
+0.38 |
+1.57% |
Cryptocurrencies, Bitcoin slipped to the $36,000 level as stocks pulled back.
SPOT MARKET BY THE HOUR AS OF GMT 08:25 02-04-22
European Market, the European market by the hour is still cruising on an upward swing in the second trading day of February with most indices positive across the board. London's FTSE climbed 0.78% to 7,587.67, Germany's DAX retreated by 0.34% to 15,420.7 and France's CAC also declined by 0.71% to 7,055.64.
Asia Market, Asian stocks The investor's appetite remain mixed however, multiple markets are not trading because of the Lunar New Year holiday. However, Tokyo's Nikkei 225 index declined by 0.73% to 27,439.99, the Hang Seng in Hong Kong also climbed by 3.23% to 23,802.26, while China's Shanghai also retreated by 0.97% to 3,361.44.
SOURCE: CNBC
IMAGE SOURCE: PIXABAY
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