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Stocks: Dow turns positive as Nasdaq remains under pressure

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Yahoo Finance's Ines Ferre details the market and sector actions at today's close, including social media stocks like Snap, Nasdaq leaders, apparel stocks, and meme stocks.

Video transcript

RACHELLE AKUFFO: And now sprint to the closing bell now. Let's take a quick look at what the major indices are doing. The Dow has been trying to reach for daylight, just barely making it in there. Let's get a breakdown of what the market's doing with our very own Ines Ferre. Ines.

INES FERRE: Yeah, Rachelle, and it's really the NASDAQ that has suffered today, down 2.4%. The S&P 500 down 8/10 of a percent, as we head into these final minutes of trading. Looking at the sectors, communications services the big laggard, followed by consumer discretionary.

And that Snap profit warning really set the tone for some of the selloff that we saw today. Taking a look at some of the social media stocks, you can see here Snap down 43%, trading below its IPO price of $17 a share. This is its worst day on record. Taking a look also at PINS, down 23%. Twitter, by the way, down 5%. And Twitter is now trading around $18 below Elon Musk's offer price.

Also looking at apparel stocks, these are also under pressure today. Abercrombie and Fitch came out with their report, and their quarterly results disappointing the Street. Looking at the NASDAQ 100, we are seeing Tesla down 7%, its lowest level since June of 2021. We are seeing the electric vehicle stocks, these are under pressure. And also, the meme stocks today under pressure as well, with EME down 7%, trading around $89 a share.

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