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Twitter Inc (NYSE:TWTR) slid 17.5% in premarket trading after the Tesla (NASDAQ:TSLA) Inc chief executive said the $44-billion deal was “temporarily on hold”, citing pending details on spam and fake accounts.
Shares of Tesla jumped 5.3% after tumbling 27% since the Twitter deal was announced last month.
Other tech and growth stocks Meta Platforms, Google-owner Alphabet (NASDAQ:GOOGL) Inc, Microsoft Corp (NASDAQ:MSFT), Apple Inc (NASDAQ:AAPL), Amazon.com (NASDAQ:AMZN) and Nvidia (NASDAQ:NVDA) Corp rose between 1.2% and 3.4% after falling for most part of the week.
Wall Street has gyrated wildly this week on concerns that Russia-Ukraine crisis, fast-rising inflation, COVID-19 lockdowns in China coupled with hawkish Federal Reserve policy moves could spark a global economic slowdown.
On Thursday, the S&P 500 index came within a striking distance of confirming it had entered a bear market after swooning from its all-time high reached on Jan. 3. The tech-heavy Nasdaq is already in a bear market, down 29.1% from its record close in November last year.
At 06:39 a.m. ET, Dow e-minis were up 249 points, or 0.79%, S&P 500 e-minis were up 45 points, or 1.15%, and Nasdaq 100 e-minis were up 208.75 points, or 1.75%.
