Stocks fall after touching six-week high, dollar weaker after U.S. data
- MSCI World index snaps five-session win streak
- U.S. stocks fall as social media stocks weigh
- Dollar poised for biggest weekly pct decline in two months
NEW YORK, July 22 (Reuters) – A gauge of global stocks fell on Friday to end the trading week on a down note after five straight sessions of gains, while the dollar dipped against a basket of major currencies after soft data on U.S. business activity.
Wall Street posted modest losses in early trading but declines on the S&P 500 accelerated as Big Tech names such as Meta (META.O) and Alphabet (GOOGL.O) lost ground in the wake of earnings from Snap Inc , which plunged 39.08%. Defensive sectors such as utilities (.SPLRCU) and consumer staples (.SPLRCS) were among the few advancers. read more
“Every rally we have had during this bear market, there have been a number of sharp rallies and then they fade and we set new lows and that has been a pretty consistent pattern here,” said Tim…
