US stock markets finished the shortened week on a negative note, with the technology sector falling 2.5% and dragging the Nasdaq down 2.1%.
The Dow Jones and S&P 500 fared better, falling 0.3% and 1.2%, respectively, with the outperformance primarily driven by a stronger than expected result from Morgan Stanley (NYSE: MS).
The investment bank’s shares rallied despite an 11% fall in earnings and a 6% drop in revenue following an incredible 2021.
Elon Musk bids for Twitter
But all eyes were on Elon Musk and Twitter (NYSE: TWTR), which initially jumped close to 20% after Musk announced his intention to acquire all the remaining shares in the company.
This was met with a significant amount of pressure with the underperforming social media group facing a difficult decision.
Amazon hikes costs
Shares in Amazon (NASDAQ: AMZN) fell 2.5% after the company announced it would be hiking costs to third-party sellers and other parties by 5% in an effort recoup higher labour and transaction costs.
This came as retail sales increased far less than expected, at 0.5% in March hit by higher fuel costs.
US stock markets finish in the red
Across the week, the Dow Jones fell 0.8%, the S&P 500 retreated 2.1% and the Nasdaq tumbled 2.6%.