US markets turn lower after Meta’s mega earnings rout

Published February 3, 2022 7:09 AM

By The Associated Press

NEW YORK (AP) — U.S. markets were poised to open lower Thursday as tech stocks dragged the broader market down after Facebook parent company Meta reported disappointing earnings a day earlier. Futures for the S&P 500 slipped 1%, while the same for the Dow Jones Industrial Average gave up 0.2%. Meta tumbled 22% in off-hours trading after the social media giant spooked investors with a weak revenue forecast and higher cost projections. The company lost nearly $200 billion in value since the market closed Wednesday. Investors also absorbed news that the Bank of England raised interest rates for the second time in three months.

Article Topic Follows: AP National Business

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