Late Earnings Sink Tech After Stocks Close Higher: Markets Wrap

Meta Platforms, Spotify plunge after results in late trading
Stocks extend biggest gain since 2020 in regular session

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By Vildana Hajric and Peyton Forte

February 1, 2022 at 5:28 PM EST

Updated on

February 2, 2022 at 4:22 PM EST

This article is for subscribers only.

A slew of disappointing tech earnings after regular trading ended overshadowed what will go down as the biggest four-day rally for U.S. stocks since November 2020.

Dip buyers who powered the Nasdaq 100 to a 8% rally since Thursday got a gut check in late trading, when the biggest exchange-traded fund that tracks the index lost 1.8% as of 4:25 p.m. in New York. The main culprit was Meta Platforms Inc., which sank more than 20% after the Facebook parent’s forecast fell short of estimates. A loss of that much would wipe out about $180 billion in market value from the stock.