Shares of technology companies fell as traders retreated from risky niches of the stock market in the wake of a profit warning from social network Snapchat's parent.
Shares of electric car maker Tesla fell to their lowest in roughly a year amid concerns about Chief Executive Elon Musk's plan to take over social media company Twitter at a time when digital-advertising sales appear to be falling.
SpaceX raised a fresh round of funding as Musk's rocket company pushes forward with multibillion-dollar projects and faces rising costs.
Qualcomm Chief Executive Cristiano Amon said the company expects 2023 will likely be better for chip shortages, with a greater balance between demand and supply. An easing of the supply constraints in China that have snared chips could be critical for the macroeconomic outlook, said Eric Marshall, president of Dallas mutual-fund firm Hodges Capital.
"How quickly will that solve itself? If it does, that will be the area we'll start to see inflation cool off first," said Marshall. "It's probably unlikely the services side of the economy will see much of a reduction in wages and things like that. It's much harder to undo [inflationary pressures] on the services side."
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
05-24-22 1805ET
