(Reuters). Reuters fell almost 2% Thursday, as the disappointment forecast of Meta Platforms (NASDAQ) Facebook owner caused a plunge in other social media businesses and threatened to end a nascent recovery.

Meta plunged 19.4% during premarket trading. It posted a drop in global daily active user from the preceding quarter for the first-time, and blamed Apple (NASDAQ)’s privacy modifications and increased competition by rivals like TikTok.

There are also other social media companies, such as Twitter Inc (NYSE:), Snap Inc (NYSE:) And Pinterest (NYSE:) Inc fell between 6.6% – 15.2%

CBOE’s volatility index (Wall Street’s fear gauge) climbed 1.07 to 23.14, after reaching a nearly three-week low the previous session.

Peter Garnry of Saxo Bank’s Equity Strategy, claimed that short-term traders could be making a profit from the rebound gains in the last week.

“Overall the market’s underlying dynamics have remained the same, although there are downside risks that persist due to inflation and tightening in financial conditions.”

After strong earnings from Google’s parent Alphabet (NASDAQ 🙂 and Advanced Micro Devices(NASDAQ 🙂 on January 1, the major U.S. stockindices rose Wednesday for the fourth session.

At 5:02 a.m. ET was at a 126-point loss, or 0.36%. They were also down 50.75 point (1.11%) and Nasdaq 100 Eminis fell 323.25 points or 2.14%.