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Europe closes higher | AB InBev takes pride of place on the Bel 20

Back to the session on Wall Street. The New York Stock Exchange ended on a mixed note, misguided by publications of companies deemed disappointings and macroeconomic data supporting the thesis of a economic downturn in the United States.

The tech-heavy Nasdaq index fell 2.35%, while the broader S&P 500 index fell 0.81%. The Dow Jones managed to finish in the green, up 0.15%.

For Angelo Kourkafas, of Edward Jones, it is particularly Snap results warningMonday after the stock market, “which weighed on the tech sector“.

Amputated by 43.08% of its capitalization in a single session, Snap has taken with it the entire segment of internet players whose model is based on advertisingfrom Meta (-7.62%) to Alphabet (-5.14%), via Pinterest (-23.64%) and Twitter (-5.55%).



It’s not that Snap is a heavyweight in terms of capitalization or influence in tech, but it’s a signal that the headwinds are blowing stronger and stronger.

Angelo Kourkafas

Edward Jones analyst

The impression of a retrograde economy has been confirmed by the PMI indices for services and manufacturing activitywhich both came out in May at a lower level than the previous month.

The mood was further clouded by the 16.6% drop in new home sales in April in the United Statestaking analysts by surprise, who had forecast a slight decline of 1.7%.

Another economic indicator, the distribution sector which via a new volley of digits confirmed that he was suffering from the price spikewhich is shrinking its margins but also beginning to handicap consumption.

The ready-to-wear brand Abercrombie & Fitch (-28.58% to $19.09) was, for example, sanctioned after the publication of a quarterly loss, while analysts expected a small profit.

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