Stocks are down today and we’re diving into why in our market update for Thursday!
Let’s start off with the S&P 500, which is currently down 1.8% as of this afternoon, as well as the Nasdaq Composite, which is taking a 2.7% hit today. Both of these declines come as several companies release earnings reports today.
Chief among these is Meta Platforms (NASDAQ:FB), Mark Zuckerberg’s tech company formerly named Facebook, which is part of the S&P 500 and Nasdaq Composite. The company’s earnings report for the fourth quarter of 2021 failed to impress investors. That has the company’s shares diving 26.1% as of this writing.
And it’s not just FB stock that is falling because of these lackluster results. Other companies in the social media space are also seeing their shares drop today. That includes Snap (NYSE:SNAP) and Pinterest (NYSE:PINS), both of which are set to release results after markets close today.
It’s not at all an exaggeration to say that FB’s earnings report is one of the biggest reasons the stock market is sinking today. The tech giant has a large reach with Instagram also under its control. It’s also the parent company of Meta Quest. This is the recently rebranded creator of the Oculus line of virtual reality (VR) headsets.
To hammer home the point that FB is why stocks are down today, let’s take a look at its trading volume. As of this writing, more than 141 million shares of the stock have changed hands. That’s a massive amount of shares on the move and easily outpaces the company’s daily average trading volume of about 21 million shares.
Investors seeking out more stock market news for Thursday are in luck!
We’ve got all the most recent stock coverage that traders need for the day. That includes what to expect from Ford (NYSE:F) earnings later today, T-Mobile US (NASDAQ:TMUS) stock getting a boost from Q4 results, as well as a Tesla (NASDAQ:TSLA) seatbelt recall. You can get all of this news at the following links!
More Thursday Stock Market News
- Ford Earnings: 6 Things F Stock Investors Will Be Watching in the Q4 Report
- TMUS Stock: 9 Reasons Why T-Mobile Investors Are Dialing Up Gains Today
- The Seat Belt Recall Won’t Hold TSLA Stock Back. Here’s Why.
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
