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Wall Street Opens Lower Ahead of Big Tech Earnings; Dow Down 40 Pts -Breaking

by Mike Robinson

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© Reuters.

Geoffrey Smith 

Investing.com — U.S. stock market opened slightly lower on Monday in relative low volumes, just ahead of earnings from Big Tech.

At 35,640 point, the index was at a loss of 37 points or 0.1% by 9:45 ET (1345 GMT). Also, the fell 0.1% while it was flat. 

Facebook (NASDAQ:), will be the first megacap to report. It has lost its $1 trillion title in the last weeks, following a torrent of bad publicity regarding its governance and operating outlook. Facebook stock lost 0.3% again during its initial trading sessions after another whistleblower raised more accusations of poor governance. To test its October low of five months earlier, the stock dropped another 0.4%. Snap (NYSE:), which announced that advertisers have slowed spending in response to Apple (NASDAQ:) making it more difficult for them to target ads, shook sentiment toward social media stocks overall.

This negative music makes social-driven stocks more vulnerable to disappointments. Pinterest (NYSE) stock dropped 14% as PayPal (NASDAQ) stated that they are not considering a merger. PayPal stock rose 4.9% after relief. The stock fell on reports that PayPal (NASDAQ:) was planning a merger with the site. This was due to perceptions of too high prices.

 

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