Closing Bell: Twitter Hits Record Low; Global Woes Spook Markets

The focus on Tuesday turned toward the global economy and the picture wasn't a pretty one.

Author:: Keris Alison Lahiff
Publish date:: May 3, 2016 4:37 PM EDT

The market's focus turned toward the global economy on Tuesday and the picture wasn't a pretty one. Weak Chinese factory activity, lower growth expectations from the European Commission, and a Reserve Bank of Australia rate cut combined to spook investors. Fitbit (FIT) - Get Report fell after Pacific Crest analysts reaffirmed their bearish forecast on the company's long-term prospects. The firm said it does foresee strong near-term demand trends, but does not anticipate sustainable growth in wearable trackers in the longer-term. Food delivery company GrubHub (GRUB) - Get Report reported a six percent drop in first-quarter earnings, which missed expectations. Twitter (TWTR) - Get Report hit an all-time low of just under $14 a share on Tuesday, nearly half its 2013 IPO price. TheStreet's Keris Lahiff has details from Wall Street.