Wall Street Today | Meta plunges as Facebook users stall, forecast falls short
U.S. futures drop as sour earnings cloud Asia open: markets wrap
The rally in global stocks looked set to falter Thursday after mixed earnings from technology bellwethers and as traders await more clues on how quickly key central banks will tighten monetary policy.
U.S. equity futures dropped, with contracts on the technology-heavy Nasdaq 100 underperforming, after Facebook parent Meta Platforms and streaming service Spotify Technology plunged in late trading on disappointing outlooks.
Meta plunges as Facebook users stall, forecast falls short
Facebook parent Meta Platforms said user additions stalled in the fourth quarter and gave a disappointing forecast for the current period, raising concerns about the company's future growth. Shares plunged as much as 24% in late trading. $Meta Platforms(FB.US$
Tesla is under federal scrutiny for 'phantom braking' complaints
The National Highway Traffic Safety Administration is reviewing complaints about Tesla Inc. cars that suddenly brake at high speeds, the latest in a string of confrontations between the company and safety regulators. $Tesla(TSLA.US$
Paypal stock tumbles after disappointing earnings guidance
PayPal Holdings Inc. shares suffered their worst selloff on record after the company lowered its 2022 profit outlook and scrapped an ambitious growth strategy it put in place last year. Shares in the payments company fell more than 24% on Wednesday to close at $132.57, erasing about $50 billion in market value. $PayPal(PYPL.US$
OPEC, allies agree to pump more oil amid supply concerns
OPEC and its allies agreed to a small, planned increase in crude production amid soaring oil prices, with concerns over supply heightened due to a possible Russian invasion of Ukraine.
The Organization of the Petroleum Exporting Countries and a coalition of Russia-led oil producers said they agreed to raise their collective production by another 400,000 barrels a day in March. The boost is in line with what the cartel, called OPEC+, agreed to last year as part of a plan to raise output to pre-pandemic levels.
US options trading heats up even as speculative stock rally cools
Investors are turning to derivatives to make supercharged bets on the US equities market, highlighting how the pandemic has left a lasting mark on Wall Street even as the rally in speculative shares fizzles.
Trading volumes in options, tools that let investors bet on price movements of shares without holding them, have jumped this year, in an acceleration of a trend that began in the early days of the pandemic.
Spotify, facing pushback against Joe Rogan, reports jump in users
Spotify Technology added more users and saw a surge in advertising revenue in its recently completed quarter as its podcast strategy takes hold despite backlash to its star host.
Neil Young last week removed his music from Spotify in protest to what he says is vaccine misinformation spread by podcaster Joe Rogan on the streaming service. The company has since made public its content policy and said it would begin to tag Covid-19-related content with an advisory prompting users to check out the service's new hub for data-driven facts and up-to-date information from the health and scientific communities. $Spotify Technology(SPOT.US$
Growth hedge funds suffer worst rout in years
Stock markets' selloff in January dealt double-digit losses to a range of hedge funds investing in technology and other fast-growing companies, sparking questions about whether a popular and lucrative strategy for these firms is running out of steam.
Source: Bloomberg, WSJ, CNBC
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50 cent : phantom breaking, sounds like they are sewing ghost stopping.
50 cent : phantom braking sounds like Tesla cars are seeing ghost.