The American flag on the New York Stock Exchange.
(Photo: AP)
new York Easing fears of imminent recession lure investors to Wall Street. The US blue chips Dow Jones and the broader S&P 500 rose as much as 1.3 percent at the open on Thursday, while the tech-heavy Nasdaq tumbled 0.2 percent.
However, a price drop of more than 20 percent is slowing down the recovery of the Facebook parent Meta. At $ 97.98, the papers of the group, which also includes Instagram and WhatsApp, were now as cheap as they were almost seven years ago.
The company had announced a slump in profits and provided a disappointing outlook for the current quarter. That matches the weak figures from other technology companies such as Microsoft or Google’s parent company Alphabet, said analyst Laith Khalaf from brokerage house AJ Bell. “After a decent start to the accounting season, things are looking a lot less rosy.”
>> Read about this: Metaverse eats up $9 billion in Meta’s corporate balance sheet
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US stock exchange expert Koch: “If you don’t want to hear, you have to feel – Meta goes up in flames”
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