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Stock Markets

24 May 2022

Global Stocks slid as Snapchat breaks rally, July ECB hike Resurface

The Index Today

Shares slump worldwide on Tuesday as low company earnings and fears about the slow global economic growth penetrated the mini-rally of the last few trading days.

Recent data shows Nasdaq futures lost 2%, with traders blaming an earnings warning from Snap (NYSE:SNAP) which saw shares in the Snapchat owner tumble 28%, while S&P 500 futures slipped 1.25%.

While in Asian stocks, there is a 1.2% fall in MSCI's broadest index of Asia-Pacific shares outside Japan, while the benchmark STOXX index of European shares fell 0.92%.

All major sectors fell, with utilities and commodity-linked stocks leading declines, as investors awaited May Purchasing Managers Index data due in the morning session for clues about the slowing economy, Reuters reported.

European stock market positioning remains short but here too the bearish momentum is slowing, they added.

Right now, the dollar index, which tracks its performance against a basket of major currencies, fell 0.3% to 101.81 already in a one-month low.

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