new York Price falls at the Facebook mother Meta and the music streaming service Spotify are causing problems for Wall Street. The technology index Nasdaq slipped 2.3 percent at the open on Thursday. The Dow Jones and the broader S&P 500 fell as much as 1.4 percent.
In addition to the disappointing business figures, the market is struggling with other problems, warned Robert Pavlik, portfolio manager at wealth manager Dakota Wealth. “These are rising interest rates and inflation.” Therefore, timid investors who had recently been betting on a recovery in technology stocks would now throw in the towel.
The Facebook group Meta suddenly lost around a quarter of its value in early US trading on Thursday. The market value of Meta shrank by 220 billion dollars at the start of trading. According to data from the financial service Bloomberg, this was a record drop in value. Meta was then worth around $678 billion.
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