Meta's shock share price drop shakes world tech
The Hindu
Stocks futures for the tech-dominated Nasdaq fell as much as 2.4% on Thursday.
Shares in Facebook owner in U.S. premarket trade on Thursday after the social media giant issued a dismal forecast blaming Apple's privacy changes and increased competition.
The shock drop, which comes before Amazon earnings later in the day, spilled over to Europe where technology led sectoral fallers with a decline of 2% and soured the mood across global financial markets in another busy day of central bank meetings.
Big U.S. tech has come under mounting pressure in 2022 as investors expect policy tightening at the U.S. Federal Reserve to erode the industry's rich valuations following years of ultra-low interest rates. Nasdaq fell more than 8% in January, its worst monthly drop since end-2019.
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