Tech Giants Hit in Late Hours After Meta’s Outlook: Markets Wrap
- Wall Street traders gearing up for GDP report on Thursday
- Yen weakens past key 155 level, adding to intervention risk
This article is for subscribers only.
Big tech sold off in late hours after Meta Platforms Inc.’s disappointing outlook raised concern on whether the industry that has powered the bull market in equities has run too far.
A $250 billion exchange-traded fund tracking the Nasdaq 100 (ticker: QQQ) got hit after the close of regular trading as the Facebook parent tumbled more than 15%. Meta projected second-quarter sales that were below analyst expectations and increased its spending estimates for the year.