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Shares of Social Media Giants Fall After Bill to Support Users to Migrate Data

Shares of Social Media Giants Fall After Bill to Support Users to Migrate Data

On Tuesday, U.S. stocks closed lower as investors digested a torrent of company earnings reports and a new bill to make it simple for social media users emigrate away from industry heavyweight’s social media giants like Facebook, Snap, and Twitter to rival platforms.

The four members of the Dow Jones Industrial Average that reported third-quarter earnings on Tuesday resulted in a net negative for the stock market, as disappointing numbers from MCD, -5.04%. And Travelers TRV, -8.29% outweighed beats from United Technologies UTX, +2.21% and Procter & Gamble PG, +2.60%.

Investors additionally watched new Brexit developments after the U.K. parliament voted Tuesday to consider Prime Minister Boris Johnson’s plan for leaving the European Union, however, rejected his rapid timetable for the proposed split.

The corp. S&P 500 index SPX, -0.04% fell 10.73 points, or 0.36%, to 2,995.99. The Nasdaq Composite Index COMP, -0.72% shed 58.69 points, or 0.72%, to 8,104.30. The Dow Jones Industrial Average, +0.14% lost 39.54 points, or 0.15%, to 26,788.10, on the back of worse-than-anticipated third-quarter outcomes from McDonald’s and Traveler Cos.

On Monday, the Dow ended the day 57.44 points, or 0.2%, higher at 26,827.64, weighed by a decline in shares of Boeing Co.’s stock B.A., +1.79%, following a report on Friday that said the company might have misled federal aviation authorities concerning the safety of the 737 Max jet.

The S&P 500 index rose 20.52 points, or 0.7%, to finish at 3,006.72, leaving it 0.6% away from its report closing high of 3,025.86 set on July 26. The Nasdaq Composite Index climbed 73.44 points, or 0.9%, to finish at 8,162.99, about 2% from its July peak.