ISM Services in Contraction for the First Time Since December 2022
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Economic activity in the services sector contracted in April for the first
time since December 2022, ending a period of 15 consecutive months of
growth.
2022-05-23
Rally Snapped
SNAP lowered their guidance after hours. It comes a month after they reported earnings. This sent the whole sector down, including Facebook, Twitter and Pinterest among others. The larger takeaway is that business has deteriorated enough in one month that guidance is already coming down. At every turn, there's yet another shoe dropping on the bulls. If this sell-off escalates into tomorrow, a challenge of the lows could be imminent. If not, then this rally is made of sterner stuff and still has room to run before the bearish trend overwhelms it again.
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