Wall Street posted modest losses in early trading but declines on the S&P 500 accelerated as Big Tech names such as Meta and Alphabet lost ground in the wake of earnings from Snap Inc, which plunged 39.08%.“Every rally we have had during this bear market, there have been a number of sharp rallies and then they fade and we set new lows and that has been a pretty consistent pattern here,” said Tim Ghriskey, senior portfolio strategist at Ingalls & Snyder in New York.
The Dow Jones Industrial Average fell 137.61 points, or 0.43%, to 31,899.29, the S&P 500 lost 37.32 points, or 0.93%, to 3,961.63 and the Nasdaq Composite dropped 225.50 points, or 1.87%, to 11,834.11.The gains for the Dow and S&P marked their biggest weekly percentage gains in four. On Thursday, the European Central Bank raised rates by 50 basis points after weeks of indicating a 25 basis point hike was in the offing.
After touching a 20-year high last week, the dollar was on track for its biggest weekly percentage decline in nearly two months.