On Friday, Intel was one of the strongest risers on the New York stock exchanges. However, the large American chip producer suffered the largest loss last quarter in the company’s history.
However, the loss was not too bad, and turnover was higher than expected. Intel, struggling with falling demand for computer chips, is counting on a recovery in the second half of the year. The stock rose 7.4 percent.
On the other hand, Snap, the parent company of the Snapchat app, lost almost 20 percent of its market value. The company behind the popular app with which photos and videos can be shared saw its turnover fall more than expected in the first quarter. The company also suffered another loss. Pinterest also had to pay for it and lost 15 percent. The digital bulletin board performed better than expected last quarter but came with a disappointing outlook for the current quarter.
The general mood on Wall Street was cautious after the strong price gains the day before. Shortly after the start of trading, the Dow Jones index was 0.1 percent lower at 33,791 points. The broad S&P 500 fell 0.1 percent to 4131 points. The Nasdaq lost 0.4 percent at 12,090 points.
The US Federal Reserve’s favourite inflation rate was also released before the start of trading. That figure was slightly higher than expected. The inflation figure plays an important role in the interest rate meeting that the central bank will hold next week.
Amazon fell 4.5 percent. The large tech and web store group performed better than experts expected last quarter. However, the outlook for the company’s important cloud business AWS was disappointing.
ExxonMobil gained 1.6 percent. The largest oil producer in the United States saw profits more than double last quarter to a record level for the first quarter.
First Republic Bank rose 0.7 percent. Reuters news agency reported based on insiders that the US authorities are discussing a rescue of the ailing regional bank. Many customers have withdrawn their money from the bank during the recent industry crisis that followed the collapse of Silicon Valley Bank.
