Meta plummets, dragging stocks lower
CNN
Meta is ruining things for the stock market on Thursday.
Wall Street was deep in the red as the tech company formerly known as Facebook (FB) plummeted following its earnings. All three major stock indexes traded lower around mid-morning, led by losses for the Nasdaq Composite (COMP), which was down 2.1%. The S&P 500 (SPX), the broadest measure of the US stock market, fell 1.3%. The Dow (INDU) fared slightly better, trading down 0.7%, or 236 points.
Late Wednesday, Meta reported a rare drop in profits, driven by spending on its vision for a so-called metaverse while simultaneously confronting advertising challenges on its existing services.
Millions of Americans have taken to the skies, hit the road, fired up the barbecue grill and jumped into the pool this weekend to celebrate the start of summer 2024. Analysts are expecting the Memorial Day weekend to usher in yet another summer of strong consumer spending on travel and other leisure activities.