US stocks slip as social media leads tech sell-off with Fed chief Powell due to speak

The US stock market fell Tuesday as a profit warning from Snap sent ripples through the broader market and raised concerns about the economy.

The market was dragged down by other social-media and tech stocks.

The impact of the war in Ukraine, rising inflation, and supply chain shortages are just some of the challenges that the company faces.

The social media platform lost as much as 34.4% on Tuesday.

The Fed Chair is going to speak at the summit.

The market opened at 9:30 a.m. on Tuesday.

• S&P 500: 3,932.37, down 1.04%

• Dow Jones Industrial Average: 31,736.71, down 0.45% (143.53 points)

• Nasdaq Composite: 11,316.55, down 1.90%

The Fed said this month that it would start reducing its balance sheet in June. Jamie Dimon, CEO of JP Morgan, said the Fed's bond-buying withdrawal is an "unprecedented" headwind for markets.

The S&P 500 will crash a further 17%, compared to the summer of 2008, according to an op-ed column written by an economist.

Despite Moscow easing a key capital control, the ruble continued to rally. The ruble has been the top performing currency against the dollar this year, and has gained against the dollar over the past five days.

Christine Lagarde, the head of the European Central Bank, said that interest rates are at a turning point, but will not rush to end negative rates.

The biggest oil company in Russia slashed its production levels because of sanctions.

West Texas Intermediate was down 0.20% to $110.11 a barrel. The international benchmark dipped 0.04% to $113.42 a barrel.

The price of gold was $1,861.20 per ounce. The yield on the 10-year bond fell to 2.79%.

There was a 0.05% increase to $29.252.46.