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Meta Meltdown Drags Wall Street Lower at Open; Dow Down 220 Pts -Breaking

by Mike Robinson

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© Reuters.

Geoffrey Smith 

Investing.com – The U.S. stock exchanges fell on Thursday after a sharp decline in Meta Platforms (NASDAQ) stock following Wednesday’s poor earnings update.

Facebook’s owner, 26%, closed the gap, reverseing its previous gains over the past 20 months. The company had reported its first ever quarterly decline of active users. It also forecasted a decrease in profits due to its heavy investment plans as well as the new privacy policy that Apple (NASDAQ) implemented last year. Without a recovery this will be the worst day of market capitalization losses for any company.

The was at 1.9% and the at 1.2% respectively by 9:40 ET (1440 GMT) The index, which is less vulnerable to long-duration stocks like Meta, dropped only 218 points (0.6%) to 35.412. 

Four-day streak was enjoyed by the major indices prior to Thursday.

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