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Snap leads social-media giants lower, the first insider trading case in digital coins is filed and fears central banks will over-reach.

US social-media giants shed billions in market value on Thursday as disappointing revenue from Snap Inc. raised concerns about the outlook for online advertising. The Snapchat parent plummeted 28% in trading before the bell. Facebook parent Meta Platforms Inc. shares fell 4.7%, while Google owner Alphabet Inc. and Twitter Inc. slipped about 2.5%. The losses mark the second major sector selloff sparked by Snap in two months, as its results become a barometer for investors trying to decipher how economic uncertainty impacts ad spending. Advertisers are slashing budgets more than expected -- a trend the company attributed to broad economic uncertainty.