Wall Street falls as Facebook’s forecast disrupts tech recovery



U.S. shares fell on Thursday, with the Nasdaq diving more than 2%, as Facebook-owner Meta Platforms’ dour forecast jolted the broader tech sector and threatened to upend a nascent recovery in stock


Meta shares sank 24.5% and were set for their biggest single-day decline ever, as the company blamed Apple’s privacy changes and increased competition from rivals such as TikTok for its disappointing outlook.





The share slump is set to wipe out more than $200 billion from Meta’s market cap, which would shave off about 0.9% from Nasdaq’s market value and about 0.5% from S&P 500.


The tech-heavy Nasdaq fell 2.2% as shares of other social media companies also took a beating. Twitter Inc and Pinterest Inc fell more than 6%, while Snapchat lost 18.8%.


Big tech stocks such as Alphabet Inc and Microsoft Corp fell about 0.5% and 1.0%, respectively, while Amazon.com Inc, scheduled to report results later in the day, declined 6.3%.


“This is definitely shaking investors’ resolve around the recent relief rally that we’ve been seeing in tech,” said Robert Pavlik, chief investment strategist at SlateStone Wealth LLC in New York.


“There’s also a bigger problem going on, and that is higher interest rates and inflation. This is sort of shaking out the weak hands that have been around trying to ride this bounce that’s been going on in tech.”


All 11 major S&P 500 sectors declined in early trading, with communication services dropping 5.2% and leading losses. At 10:04 a.m. ET, the Dow Jones Industrial Average was down 278.64 points, or 0.78%, at 35,350.69, the S&P 500 was down 63.68 points, or 1.39%, at 4,525.70, and the Nasdaq Composite was down 317.90 points, or 2.20%, at 14,099.65.

See also  Ace investor Rakesh Jhunjhunwala, others to pick up stake in D B Realty


The CBOE volatility index, Wall Street’s fear gauge, ticked up 1.57 points to 23.66 after hitting a near three-week low in the previous session.


Adding to market’s woes was a second rate hike by the Bank of England and a statement by European Central Bank’s President Christine Lagarde that any decision to raise rates would be “data-dependent”, moving away from her long-standing insistence that the ECB was “very unlikely” to hike rates this year.


Nearly half of the S&P 500 companies have reported results so far during this earnings season, and 77.1% of them have beaten analysts’ earnings estimates, compared with an average of 84% over the past four quarters, according to Refinitiv data.


The number of Americans filing new claims for unemployment benefits fell more than expected last week as COVID-19 infections subsided, suggesting that an anticipated slowdown in job growth in January was likely temporary.


A measure of U.S. services industry activity dropped to an 11-month low in January as a resurgence in COVID-19 infections hurt demand at high contact businesses and kept workers at home. Declining issues outnumbered advancers for a 6.03-to-1 ratio on the NYSE and a 4.05-to-1 ratio on the Nasdaq. The S&P index recorded 17 new 52-week highs and six new lows, while the Nasdaq recorded 11 new highs and 69 new lows.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.

We, however, have a request.

See also  Pushkar Singh Dhami takes oath as Uttarakhand CM for second time

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor





Source link

© 2022, Admin. All rights reserved.

istanbul escort aksaray escort arnavutköy escort ataköy escort avcılar escort avcılar türbanlı escort avrupa yakası escort bağcılar escort bahçelievler escort bahçeşehir escort bakırköy escort başakşehir escort bayrampaşa escort beşiktaş escort beykent escort beylikdüzü escort beylikdüzü türbanlı escort beyoğlu escort büyükçekmece escort cevizlibağ escort çapa escort çatalca escort esenler escort esenyurt escort esenyurt türbanlı escort etiler escort eyüp escort fatih escort fındıkzade escort florya escort gaziosmanpaşa escort güneşli escort güngören escort halkalı escort ikitelli escort istanbul escort kağıthane escort kayaşehir escort küçükçekmece escort mecidiyeköy escort merter escort nişantaşı escort sarıyer escort sefaköy escort silivri escort sultangazi escort suriyeli escort şirinevler escort şişli escort taksim escort topkapı escort yenibosna escort zeytinburnu escort porno 1080p porno izle 4k porno izle 720p porno izle abella danger alman alman porno alman porno izle aloha tube porno amatör amatör porno amatör porno izle anal anal porno anal porno izle arap porno asa akira porno asyalı porno bangbros porno bangbros porno izle banyoda sikis başörtülü porno beeg porno izle beyaz tenli porno izle biseksuel porno izle bisexsuel porno brandi love porno brazzers brazzers porno izle canli porno canli porno izle çinli porno çinli porno izle ensest porno ensest porno izle ensest seks erotik porno erotik porno izle esmer porno esmer porno izle etek altı fake agent fake taxi fake taxi porno fantazi pornoları fantezi porno izle fetiş porno fetiş porno izle fetish fransız porno fransız porno izle full hd hg porno izle gangbang porno genç kız porno izle genç kız sikişi genç teen porno izle gizli çekim porno gizli çekim pornosu grup pornosu grup porno grup porno izle hd pornolar hd porno hd porno izle hemşire porno hemşire pornosu hizmetçi porno hizmetçi porno izle ingiliz porno japon pornoları japon porno kızlık bozma kızlık bozma porno izle konulu porno konulu porno izle koreli porno köylü pornoları kumral porno kumral porno izle latin pornoları latin porno latin porno izle lezbiyen pornoları lezbiyen porno lezbiyen porno izle lisa ann porno liseli pornoları liseli porno liseli porno izle manken porno manken porno izle masaj porno izle masturbasyon porno izle masturbasyon pornoları mature porno mia khalifa porno mia malkova porno milf porno izle mobil porno mobil porno izle öğrenci porno izle öğretmen porno izle okul porno izle olgun kadın pornosu olgun porno oral porno oral porno izle oral seks porna izle pornhub pornhub porno izle porno film izle porno indir porno izle porno resimler porno star porntube porno izle redtube redtube pornoları riley reid porno rokettube rus pornoları rus porno rus porno izle sakso blowjob porno izle sarışın pornoları sarışın porno sarışın porno izle sarışın pornoları sekreter porno shemale sikiş sikiş sikiş izle şişman porno siyahi pornoları suriyeli pornoları swinger porno tecavüz porno teen porn türbanlı pornoları türbanlı porno türk pornoları türk porno türk porno izle türkçe altyazılı porno türkçe altyazılı porno izle xhamster pornoları xhamster porno xhamster porno izle xnxx xnxx porno xnxx porno izle xvideos xvideos porno izle yaşlı porno yeşilçam porno izle youjizz youporn youporn porno izle zenci porno güvenilir bahis siteleri bahis siteleri casino deneme bonusu casino siteleri deneme bonusu para yatırma bonusu bahis siteleri casino siteleribahis sitesi para yatırma