US markets fell; Snap Inc rose on Q1 results; United Airlines soared on profitability expectations
- The Nasdaq fell 2.07% to close Thursday’s session at 13,175 points.
- Snap Inc rallied after-hours following the release of Q1 results.
- United Airlines soared 9.3% on expectations to return to profitability in Q2.
The US markets started the day with a rally before closing lower on Thursday after Fed Chair Jerome Powell signalled the Fed’s will take aggressive actions, including half-point interest rate hikes, to tackle rising inflation in the US.
The Dow Jones fell 1.05% to finish the trading day down 368 points to close at 34,793 points.
The tech heavy NASDAQ fell 2.07% to finish the trading day down 278 points to close at 13,175 points.
One bitcoin is worth US$40,444 going into the Asian trading day.
The Australian dollar is stronger against the major currencies and is buying 73.73 US cents.
Snap Inc rallied slightly in after-hours trade following the release of the company’s first quarter results including sales increasing by 38% to US$1.06bn, which fell just short of market expectations. Snap also reported 332 million daily active users, up 18% on the prior corresponding period, and predicted revenue growth of 20% to 25% in the second quarter.
Shares in United Airlines soared 9.3% on Thursday after the company reported first quarter results. Despite reporting its ninth consecutive loss of US$4.24/share, and revenue of US$7.57bn which fell below expectations, investors piled into United Airlines shares after the company said it expects to return to profitability in the second quarter.
And just weeks after launching, new streaming service CNN+ will shut down on April 30th after new parent company Warner Bros. Discovery took over with conflicting goals with Warner Bros. Discovery’s HBO Max streaming service.
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