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Market analysis
The S&P 500 closed down 0.1% at 4,544.98 just shy of its closing record of 4,549.78, the Dow Jones Industrial Average added 0.2%, or 74 points, the Nasdaq Composite slipped 0.82%.
Apple (NASDAQ:AAPL) announced earlier this year that, as part of the iOS 14 update, it will give users the option to block apps from accessing the IDFA, or tracking advertiser on their iPhones.
Snap (NYSE:SNAP) also blamed supply chain headwinds as another factor for the below-consensus 4Q21 guidance.
But both supply issues and events “should ultimately prove transitory as advertisers progressively adopt new tools to more accurately measure events in a post-IDFA world and also as issues such as port congestion and labor shortages revert back to pre-pandemic levels,” Credit Suisse (SIX:CSGN) CSGN said in a note.
Facebook (NASDAQ:FB), Twitter (NYSE:TWTR), and Pinterest (NYSE:PINS) were down more than 4%.
American Express (NYSE:AXP) closed about 5% higher after the credit card reported that third quarter earnings and revenue that exceeded Wall Street estimates, and guided 2022 earnings per share within the top of its guidance range.
