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U.S. Stocks Waver After Snap Sales Warning as Bond Yields Soar

Stock Markets Oct 21, 2022 10:36AM ET
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By Liz Moyer

Investing.com -- U.S. stocks erased early losses and turned higher on Friday, with weakness in tech stocks as Treasury yields soared.

At 10:32 ET (14:32 GMT), the Dow Jones Industrial Average was up 227 points, or 0.7%, while the S&P 500 was up 0.5% and the NASDAQ Composite was up 0.2%.

Social media platform Snap Inc (NYSE:SNAP) tumbled 31% after forecasting flat revenue for the fourth quarter as advertising dries up. That announcement on Thursday already sent its shares 25% lower in after-hours trading.

Snap’s third quarter, with the slowest quarterly revenue growth in five years, was an ominous sign for other companies that rely on digital advertising, including Google parent Alphabet (NASDAQ:GOOGL) (NASDAQ:GOOG) and Meta Platforms Inc (NASDAQ:META). Shares of Alphabet fell 0.6% while shares of Meta fell 2.8%.

The yield on the benchmark 10-year Treasury rose to a 15-year high at 4.3%. The Federal Reserve has been aggressively raising interest rates in a quest to tame inflation, and is widely expected to raise them again in November by another 0.75 percentage point.

In other earnings, Verizon Communications Inc (NYSE:VZ) stock fell 5.7% after the telecommunications giant said profit fell 23%, falling short of expectations for wireless subscription gains.

Oil rose. Crude Oil WTI Futures was flat, to $84.44 a barrel, and Brent Oil Futures crude was up 0.2% to $92.52 a barrel. Gold Futures rose 0.2% to $1639.

U.S. Stocks Waver After Snap Sales Warning as Bond Yields Soar
 

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Comments (10)
Kuldipsingh Bhatia
Kuldipsingh Bhatia Oct 21, 2022 1:21PM ET
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GOLD BULL WILL SOON SURENDER TO THE BEARS & TIGHTS URS SEAT BELT TO SEE SOON TECHNICAL "NIAGARA FALL " ON GOLD CHART NO IF NO BUT ONLY JUTT
kaushal shah
kaushal shah Oct 21, 2022 11:09AM ET
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there won't be any rate cuts as they can't afford to slow growth now. equations are changing, now have to paddle acceleration for growth with new dimensions.
John Avenetti
John Avenetti Oct 21, 2022 11:09AM ET
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that's logical, they're not..
kaushal shah
kaushal shah Oct 21, 2022 11:08AM ET
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there won't be any rate cuts as they can't afford to slow growth now. equations are changing, now have to paddle acceleration for growth with new dimensions.
Mitchel Pioneer
Mitchel Pioneer Oct 21, 2022 10:49AM ET
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Another Friday miracle in the BIGGEST INVESMENT JOKE IN THE WORLD.  What a surprise.
John Avenetti
John Avenetti Oct 21, 2022 10:49AM ET
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Although you're not wrong, don't you say this every week?
Sevantilal Patel
Sevantilal Patel Oct 21, 2022 10:37AM ET
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long term t. bonds have to go down further till 10 year hits 5 percent. watch TLT.
Mike Sim
Mike Sim Oct 21, 2022 10:21AM ET
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More losses whisked away as the magic show continues at the same time everyday. Fraudulent, Criminally Manipulated JOKE. Assume the proper postion America!
Pieter VD
Pieter VD Oct 21, 2022 10:18AM ET
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Have we bottomed out?
Chris Smith
Chris Smith Oct 21, 2022 10:18AM ET
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We have a long way till bottom. Many choppy sessions both up and down. It will get real after next rate increase and cpi. Fed of cleveland now asting showing .8 month over month increase cpi. Expect early 2023 to be brutal
John Avenetti
John Avenetti Oct 21, 2022 10:18AM ET
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Wrong. cpi is year over over. it started looking bad last January, this January is going to be the first good print. You're backwards
brahim org
brahim org Oct 21, 2022 10:18AM ET
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Wrong Franco
Wrong Franco Oct 21, 2022 10:09AM ET
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is this a good example of fake news?
mad god
mad god Oct 21, 2022 10:06AM ET
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up now, all good
 
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