Snapchat Woes, Twitter Earnings, Wheat Deal, PMIs – What's Moving Markets
Please try another search Economy 8 hours ago (Jul 22, 2022 06:44AM ET) © Reuters. By Geoffrey Smith Investing.com -- Snapchat puts a chill on the relief rally, putting Twitter results in sharp focus. Stocks are due to open lower but are still on course for their highest weekly close since early June. Verizon, Amex and Schlumberger all report earnings. Recession fears in Europe grow after some weak business surveys, and there's a ray of hope for poor food-importing countries as Russia and Ukraine edge closer to a deal on securing grain exports out of the Black Sea, pushing wheat prices lower. Here's what you need to know in financial markets on Friday, July 22. 1. Snapchat puts a chill on the rally The relief rally in U.S. stocks ran into resistance overnight after Snapchat owner Snap (NYSE:) posted its slowest-ever growth in as a public company, causing its stock to fall by nearly 30% in premarket trading. The company also posted a loss of $422 million for the quarter and said it would “substantially” cut its hiring, in an echo of similar reports about bigger technology companies throughout the week. However, Snapchat has consistently had bigger problems with posting a…
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