JD Logistics shares… underwater
JD Logistics shares… underwater

CNBC reports:

U.S. stocks fell on Thursday as investors’ renewed optimism on big tech names, driven by a slew of strong earnings, took a turn down after Facebook-parent Meta Platforms reported disappointing quarterly results.

Losses deepened by the afternoon, with the Nasdaq Composite falling 3.7% to 13,878.82 for its worst day since September 2020. The S&P 500 had its worst day in nearly a year, sliding 2.4% to 4,477.44, with tech shares as the biggest drag. The Dow Jones Industrial Average fell 518.17 points, or 1.4%, to 35,111.16.

“Facebook is a confidence builder,” said JJ Kinahan, chief market strategist at TD Ameritrade. “It’s a super widely held stock and a core part of many portfolios, so when it has such a difficult time, it just shakes overall confidence. The question right now is, is this a Meta-specific issue, or is this going to be an overall issue?”

Meta Platforms shares plunged 26.4% after the company’s quarterly profit fell short of expectations

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