Stocks fall as Facebook parent company Meta plummets 26%
Stocks fell on Wall Street as Facebook parent company Meta plunged 26%, erasing more than $220 billion in market value, the largest drop in history.
Meta sank after forecasting revenue well below analysts’ expectations, a disappointment for a company that investors have become accustomed to delivering spectacular growth.
Meta also reported a rare decline in profit due to a sharp increase in expenses as it invests in transforming itself into a virtual reality-based company.
The S&P 500 fell 1.9%, the tech-heavy Nasdaq fell 3% and the Dow Jones Industrial Average lost 1.1%.
Markets are coming off a four-day winning streak. Bond yields rose.
