US markets close lower as Snapchat stocks plummet

Financial markets in the United States closed lower on Thursday (11 May) after a rocky day for retail and a miserable day for once-shining stocks in Snapchat's parents company, Snap Inc. Overall losses were marginal, with markets reacting little to the political turmoil currently overtaking the White House.

The Dow Jones Industrial Average fell 0.11%, or -23.69 points, to end at 20,919.42; the Nasdaq dropped 0.22%, or -13.18 points, to finish at 6,115.96; the S&P 500 fell 0.22%, or -5.19, to end Thursday at 2,394.44.

The Nasdaq's drop was its first after four straight days of record highs.

In one day, Snap Inc's stocks fell 21.45% after their first public earnings report showed an astounding loss of $2.2bn (£1.7bn). Many had criticised the company's initially excitable trading, arguing that it had yet to show it could truly monetise its platform.

The markets also seem to have yet to react to the current turmoil in the White House after US President Donald Trump's sudden firing of FBI director James Comey.

The situation was further compounded as the administration struggled to put out a cohesive narrative about what had occurred, with officials saying Trump acted on the recommendation of the Justice Department but then Trump himself saying he would have fired Comey regardless of the department's recommendations.