The tech sector rallied broadly yesterday, with the exception of SNAP. The Snapchat owner posted its weakest-ever quarterly sales growth as a public company, with revenue growth significantly below forecasts. Net losses swelled by 178% Y/Y to $422M, prompting shares to plunge 27% in extended trading, after losing nearly three-quarters of their value over the past year.
An agreement to release 18M tons of wheat, corn and other crops from Ukraine is set to be signed today following the Russian invasion in February that blocked key ports in the Black Sea. It's a big deal for Ukraine, as well as many developing nations that rely on its grain across Africa, the Middle East and Southeast Asia. It also raises hopes that an international food emergency could be avoided, with prices spiraling in recent months and exacerbating an inflation crisis.
Of the 91 S&P 500 companies that have reported so far, inflation has been mentioned on 85 of the analysts calls, according to a search of FactSet transcripts. Most say they’ve managed to navigate difficult times spurred by inflationary pressures at their highest level in more than 40 years. They report cutting costs, raising prices and generally trying to adapt models to the uncertainty of what’s ahead.