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U.S. stocks opened the day in negative territory and losses accelerated as the session wore on.
Earnings remained in focus, and several of today's reactions were negative. General Electric (GE), for instance, spiraled downward 10.3% after its results. While the industrial conglomerate beat on the top and bottom lines in its first quarter, CEO Lawrence Culp warned the company is "trending toward the low end" of its full-year guidance as it continues "to work through inflation and other evolving pressures."
JetBlue Airways (JBLU), meanwhile, shed 11.4% after the air carrier's plans to reduce capacity growth in the short term offset a narrower-than-expected first-quarter loss. JBLU's post-earnings decline pressured fellow airline stocks, with Alaska Air Group (ALK, -4.6%), Southwest Airlines (LUV, -3.0%) and Delta Air Lines (DAL, -3.2%) all finishing notably lower.
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The selling was broad-based, with consumer discretionary (-5.1%) and technology (-3.7%) the two hardest hit sectors. Only energy gained ground, adding 0.1% as U.S. crude futures climbed 3.2% to $101.70 per barrel.
At the close, the Nasdaq Composite was down 4.0% at 12,490 – its worst day since September 2020 – the S&P 500 Index was off 2.8% at 4,175 and the Dow Jones Industrial Average was 2.4% lower at 33,240.
YCharts
Other news in the stock market today:
One notable decliner in today's trading: Twitter (TWTR). Shares retreated 3.9% to $49.68– one day after the company's board of directors approved Elon Musk's $44-billion, or $54.20 per-share, buyout of the platform.
News that the Tesla (TSLA) CEO is taking TWTR private has narrowed the field of social media stocks, but analysts are still upbeat about the few remaining primary players.
Case in point: S&P Global Market Intelligence pegs the average analyst price target for Facebook parent Meta Platforms (FB) – which joins Twitter on this week's tech-focused earnings calendar – at $315.51, implying 44% potential upside from current levels.
Today, we take a closer look at the social media stocks to watch post-Twitter and break down why Wall Street's pros are so bullish on the group. Take a look.
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