Most Major Indexes Slip Back

Investors sell social media site shares
By Newser Editors and Wire Services
Posted May 24, 2022 3:40 PM CDT
Most Major Indexes Slip Back
Trader Fred DeMarco, left, talks with Christian Vieri, on the trading floor during the visit of a delegation of Lega Serie A executives and owners to the New York Stock Exchange on Tuesday.   (Courtney Crow/New York Stock Exchange via AP)

(Newser) – A slump in several big companies weighed down the stock market Tuesday, leaving most major indexes lower. The S&P 500 index fell, as did the Nasdaq composite, which is heavily weighted with technology companies. Gains for McDonald's and UnitedHealth helped push the Dow Jones Industrial Average higher. A stark profit warning from Snapchat's parent company spooked investors into dumping the stocks of major social media companies. Snap sank 43.1%, while Facebook's parent company lost 7.6%, the AP reports.

The S&P 500's drop was 32.27 points, or 0.8%, to 3,941.48. The Dow's rise was 48.38 points, or 0.2%, to 31,928.62. The Nasdaq fell 270.83 points, or 2.3%, to 11,264.45. Retailers and banks fell. The yield on the 10-year Treasury fell sharply, to 2.76%. A home sales report early in the day wasn't encouraging to investors, per the Wall Street Journal. "What's changed in the last few weeks is that the range of concerns has broadened so dramatically," said Eric Leve of investment management firm Bailard. "It was inflation that was front and center for everyone for so long. Now, it's far beyond that."

(Read more stock market stories.)

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