S&P 500 top movers: Twitter Inc (TWTR stock) down more than 20% on weak user growth

S&P 500 Index dropped to its lowest level in more than a month.
Twitter Inc shares fall sharply on disappointing user growth figures.
Mohawk Industries Inc (MHK: NYSE) stock soars on strong earnings summary.

Eren Sengezer FXStreet

After opening the day modestly lower, the S&P 500 Index (SPX) continued to push lower pressured by the poor performance of technology stocks. At the moment, the S&P 500 Technology Index is down more than 3% on the day and the SPX is losing 1.8% and 6.2% on a daily and weekly basis, respectively.

S&P 500 top movers

Twitter Inc (TWTR: NYSE) reported it had 187 million monetizable daily active users during the third quarter and fell short of analysts' estimate of 195.2 million. Additionally, the company noted that it is forecasting its expenses to increase by nearly 20% in the last quarter due to an increase in investments, as reported by Reuters.

Pressured by these developments, TWTR opened sharply lower and extended its slide. As of writing, the stock was down 20.35% on the day at $41.76.

Among the other S&P 500-listed major tech stocks, Facebook (FB: NASDAQ), Netflix Inc (NFLX: NASDAQ), Apple Inc (AAPL: NASDAQ) and Amazon.com Inc (AMZN: NASDAQ) are down between 6.25% and 5.6% on the day.

On the other hand, Mohawk Industries Inc (MHK: NYSE) reported adjusting earnings per share of $3.26 for the third quarter and beat the market expectation of $2.14. At the moment, MHK is the top daily percentage gainer, rising 8.6% at $101.05.

Author

Eren Sengezer

FXStreet

As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.

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