Wall Street

S&P 500, Nasdaq fall as social media stocks drag

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Reuters

By Shreyashi Sanyal (Reuters) – The S&P 500 and the Nasdaq fell on Friday as social media and ad tech firms led declines after dismal quarterly revenue from Twitter and Snap, while an upbeat forecast from American Express kept the Dow afloat. Snap’s shares plunged 35%, a day after the Snapchat owner missed revenue targets and declined to make a forecast, while Twitter Inc slipped following a surprise fall in revenue. The social media sector is expected to post the slowest ever global revenue growth in the second quarter after a blowout 2021. Online ad giants Meta Platforms Inc and Alphabet Inc…

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