Connect with us

Hi, what are you looking for?

NewsTimes.co.ukNewsTimes.co.uk

MONEY

Snap plunges as Wall Street loses ground

Wall Street closed lower on Thursday, pulled down by lower-than-expected sales at major US department stores and a selloff in Snap.

The Snapchat owner was among the biggest losers after the messaging app posted disappointing results for the first quarter.

Its shares tumbled 21% on slowing user growth and revenue in its first results as a public company.

The Dow Jones fell 23.6 points to 20,919.4.

The S&P 500 dropped 5.19 points to 2,394.4 and the Nasdaq index shed 13.1 points to 6,115.9.

Shares of department store operator Macy’s shed 17% after its quarterly results were released, leading a broader sell-off of retail stocks.

Kohl’s and Nordstrom, which also reported on Thursday, closed down almost 8%, with firms such as Target and Ralph Lauren not far behind.

“It’s a gut check about the health of the consumer,” said Phil Blancato at Ladenburg Thalmann Asset Management. “It’s a canary in the coalmine moment.”

Advertisement. Scroll to continue reading.

Bank stocks were weighed down by Wells Fargo, which fell nearly 2% after investors were underwhelmed by a cost-cutting plan unveiled on Thursday.

The bank, which has been rocked by a a fake account scandal, failed to convince investors it was now on the right path.

Read more at BBC.co.uk

You May Also Like

UK NEWS

Professing to be the lead in Thai relationship with over 1.5 million enrolled single people, Cupid Media’s ThaiCupid brings the one in every of...

WORLD NEWS

An exclusive article form Orestis Karipis In the 1930’s and 1940’s acid was the weapon of deceived husbands and wives in the Western world...

UK NEWS

Read more about switzerland women here. Swiss ladies and men are not reknown for being the most chatty, outgoing or spontaneous when meeting strangers...

FOOD TIPS

In food, if there is one thing you can say without fear of contradiction, it is this: Britain loves burgers. The UK market is...

Copyright © 2020 NewsTimes.co.uk All Rights Reserved