Wall Street’s key stock indexes opened lower on Thursday after news of Meta’s significant drop in value by over a fifth. The S&P 500 fell by 1.4 percent, the Nasdaq declined by 1.6 percent, and the Dow Jones index dropped by 1.7 percent. The decline in the stock market was driven by a decrease in stocks in the communications sector.
The economic macro data released in the United States also contributed to the decline in stock futures on Thursday afternoon. The data revealed slower-than-expected growth in the US economy at the beginning of the year, along with higher inflation rates than previously anticipated. As a result, US government bond interest rates rose significantly following the economic figures.
Among the individual stocks that caught attention on Wall Street was technology company Meta. The company reported lower-than-expected sales forecasts and announced plans for substantial additional investments in artificial intelligence-related development work. Consequently, Meta’s share price dropped by 11.8 percent after five o’clock to $435.22.
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