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The top 5 things that moved markets this past week

Stock MarketsMay 12, 2017 04:38PM ET
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Investing.com – Take a peek at the top 5 things that rocked U.S. markets this week.

Snap fell 21.5% after posting a $2.2 billion loss for Q1

Shares of Snap Inc (NYSE:SNAP) plunged 21.5% on Thursday, after the company’s debut public earnings report fell short of expectations.

Snap reported an earnings loss of $2.31 per share on $150 million in revenue against analysts’ expectations of an earnings loss of $0.19 per share on $158 million in revenue.

An earnings loss of $2.31 per share equates to roughly a $2.2 billion loss for the quarter, as the company revealed that stock-based compensation soared to $2.0 billion.

Trumps decision to abruptly fire FBI chief James Comey rocked markets

Investors pulled out of risk assets, on the back of Trump’s decision to abruptly fire FBI chief, James Comey, as some feared that it could prove a distraction and delay the Trump administration’s economic agenda, which includes tax-reform and deregulation.

The Dow and the S&P 500 posted a weekly loss while the Nasdaq closed in positive for the week.

Gold snapped three-week losing streak

Gold futures ended the week in positive, as political jitters and weaker than expected inflation data offset rising expectations that the Federal Reserve is poised to increase its benchmark rate in June.

According to investing.com’s Fed rate monitor tool, 70% of traders expect the U.S. central bank to increase its benchmark rate in June compared to roughly 60% of traders in the previous week.

Oil prices soared after US inventories dropped more than expected

Crude futures posted a weekly gain for the first time in three weeks, after a bigger than expected drawdown in crude stockpiles and bullish comments from oil ministers lifted sentiment.

The positive end to the week for oil prices came off the back of a disastrous start to the week on Monday, when crude futures tanked more than 5%.

The euro fell after Macron won the French presidential election

EUR/USD snapped a four-week winning streak on Friday, as investors appeared to take profits from the recent rally in the single currency, after Emmanuel Macron won the French presidential election.

Investors shifted focus to the potential obstacles facing Macron as he seeks to implement his proposed program of economic reforms.

The top 5 things that moved markets this past week
 

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