News > Wall St sell-off deepens on Snap's bleak forecast

Wall St sell-off deepens on Snap's bleak forecast

The Week | 25/05/2022 08:47 AM | Click to read full article

Wall Street's main indexes fell on Tuesday, with the tech-heavy Nasdaq leading the slump, as a weak earnings forecast from Snapchat-owner Snap Inc added to nerves about an inflation-struck economy.

Snap Inc plummeted 39.7%, dragging down several social media and internet stocks after the company slashed its second-quarter earnings forecast and said the economy had worsened faster than expected in the last month.