The collapse of the short video platform, which has disappointed with its quarterly results and forecasts, triggers sharp declines in Facebook, Amazon and Netflix.
The joys are short-lived on Wall Street. After yesterday the New York parquet closed with increases close to 2%, today sales are the protagonists of the session again. The technology sector is the trigger for today's falls, which are particularly intense at Snap, the company that owns Snapchat. The short video social network sinks almost 40% after anticipating that its results will not meet analysts' expectations and that it will lower its revenue forecasts.
"Stocks are taking a hit, and the main culprit is Snap," Vital Knowledge's Adam Crisafulli told CNBC.
The collapse of this platform drags other technology with it. Meta, owner of Facebook or Instagram, is the main victim, with declines that exceed 9%. Losses at Alphabet are close to 8%, while at Amazon and Netflix they are around 5%. Apple and Microsoft are the companies that best come out of the day among the giants of the sector, although they leave 3% and 2%, respectively.
For its part, the Dow Jones falls 1.3%, to 31,466 points. McDonald's, Coca-Cola and Johnson