**__ Diplomatt’s Daily Digest – May 24, 2022__**
Good morning and happy Tuesday, everyone! Stock futures fell early Tuesday morning as the markets struggled to sustain a comeback rally following weeks of losses. Shares of major tech companies followed Snapchats dip. Alphabet slid 3.5%. Amazon, Apple and Netflix were also down more than 1% each. The moves came a day after the market staged a rebound from last week’s steep market sell-off, which saw the Dow hit its first eight-week losing streak since 1923, and the S&P 500 briefly fall into bear market territory on an intraday basis. The moves left investors wondering whether the bounce can hold or if it was yet another minor relief rally amid the relentless sell-off that has yet to reach a bottom. Monday’s market rally was broad-based, with 11 sectors positive, led by financials. The sector added 3.23% and saw its best day since March 9.
Investors are looking ahead to new home sales and a speech from Fed Chair Jerome Powell at the National Center for American Indian Enterprise Development summit on Tuesday. Nordstrom, Best Buy, and Ralph Lauren are also slated to report earnings.
Quote of the week: „You have power over your mind – not outside events. Realize this, and you will find strength.“ – Marcus Aurelius
• Snap shares plunged 30% in extended trading on Monday after CEO Evan Spiegel warned in a note to employees that the company will miss its own targets for revenue and adjusted earnings in the current quarter.
• Airbnb is closing its domestic business in China with the company planning to announce it to employees in the country as early as Tuesday morning in Beijing.
• Zoom shares rose 16% in extended trading on Monday after the provider of video chat software reported better-than-expected first-quarter earnings and issued an upbeat forecast for the second period.
• The CEO of JPMorgan Chase told employees there’s a very good chance this year of hitting the target and exceeding, which is a major reversal from the guidance it gave earlier in the year.
• Nokia CEO Pekka Lundmark expects 6G mobile networks to be in operation by the end of the decade but he doesn’t think the smartphone will be the most “common interface” by then.
• Walmart is expanding drone delivery across six states this year, making it possible for many more customers to get a box of diapers or dinner ingredients delivered in 30 minutes or less. Through an expansion with operator DroneUp, the big-box retailer said it will be able to reach 4 million households in parts of Arizona, Arkansas, Florida, Texas, Utah, and Virginia.
• The chief executive of Volkswagen believes Europe’s biggest carmaker can overtake Tesla to become the world’s largest seller of electric vehicles by 2025.
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