Nasdaq Futures Fall As Meta Plummets
View Source | October 28, 2022 12:30 am
- Nasdaq 100 futures dropped Thursday as a bleak forecast by Meta fanned worries of a slowdown in earnings, while hopes that the U.S. Federal Reserve will slow the pace of rate hikes limited declines.
- Facebook-parent Meta Platforms Inc. fell 21.7 percent in premarket trading, set to wipe off about $75 billion from its market value, as it posted a drop in third-quarter profit and forecast a weak holiday quarter.
- Gloomy earnings and warnings by growth companies, including Microsoft Corp. and Alphabet Inc., spurred concerns about rising interest rates slowing down economic growth and led the S&P 500 and the Nasdaq to snap a three-day gaining streak on Wednesday.
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