(GSPC) SNAP Drags Tech Peers Down With It, The Russian Ruble Outperforms Emerging Currencies
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Summary:
- S&P 500 suffers in the wake of market sell-off for tech shares
- Update on the Russian Ruble
S&P 500 price drops
The price of the S&P 500 fell more than 0.8% on Tuesday in the wake of Snap Inc. (SNAP) saw its biggest recorded one day drop in price and dragged some of its tech peers along with it.
On Monday Wall Street closed in the green for only the 13th time out of 98 trading days this year, Tuesday's price drop builds on the broader negative market sentiment towards equities.
S&P 500 Price Chart
Russian Ruble
The Russian Ruble has been the best performing emerging currency, it has gained around 33% against the US Dollar over the past year. Russia maintains strong trade relationships with India and China, which keeps the Ruble flowing. In addition, Russia continues to supply the European Union with Natural Gas despite the EU’s alliance with the United States against the Russian invasion of Ukraine.
Russia managed to find a loophole to get out of servicing its debt, however the loophole ends on May 25th and the Ruble may be in trouble, and Russia may face default.
Read next: Snapchat (SNAP) Earnings Forecast Sends Causes Social Media Stocks To Fall
Sources: finance.yahoo.com, dailyfx.com
