Meta plummets, dragging stocks lower

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.