Asian shares were mostly higher Friday after a historic plunge in the stock price of Facebook’s parent company helped yank other tech stocks lower on Wall Street. Read More...
Reuters
Wall St ends winning run as Facebook forecast halts tech-led recovery
Wall Street snapped a four-session winning streak on Thursday, with all three benchmarks ending lower after Facebook-owner Meta Platforms’ dour forecast sent its stock plummeting and halted a nascent recovery built on upbeat earnings from other big tech. Meta shares sank 26.4%, wiping around more than $200 billion off its market value, according to Reuters calculations, as it blamed Apple’s privacy changes and increased competition from rivals such as TikTok for its disappointing outlook. The decline in market capitalization was the largest ever recorded by a U.S. company in a single session, eclipsing when Apple Inc shed $180 billion on Sept. 3, 2020.
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