The recent news of Meta’s significant drop in value led to a drop in the stock market. The S&P 500, Nasdaq, and Dow Jones indexes all opened lower on Thursday, with the S&P 500 declining by 1.4 percent, the Nasdaq falling by 1.6 percent, and the Dow Jones index dropping by 1.7 percent. The decline in stock futures on Thursday afternoon was triggered by new economic macro data in the United States that revealed slower-than-expected growth in the US economy at the beginning of the year, along with higher inflation rates than previously anticipated. This led to a rise in US government bond interest rates.
Among the individual stocks that grabbed attention on Wall Street was technology company Meta. The company reported lower-than-expected sales forecasts and announced plans for substantial additional investments in artificial intelligence-related development work. As a result, Meta’s share price dropped by 11.8 percent after five o’clock to $435.22.
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