Meta sinks markets
Thursday markets sold off sharply, triggered by a record-breaking slide in Meta shares, down 26.62% after releasing a disappointing quarter and forecast. The S&P closed -2.44%, the Nasdaq -3.74% to fall below 14,000 and the Dow -1.46%.
Tech stocks were hit the hardest,so Meta can’t shoulder all the blame. Amazon slid 7.42%, Alphabet (class C) dropped 3.56% and Adobe lost 4.25%. Also lagging were Bed, Bath and Beyond at -7.34% and Beyond Meat at -9.16%. Gainers included: T-Mobile surging 10.22%, Humana 6.36% and Becton Dickinson 5.41%. Meanwhile, the U.S. 10-year yield jumped to 1.827%. However, after-hours reports from Amazon and Snap triggered huge jumps in after-hours trading that could lift tomorrow’s markets.
Tech also took a beating on the the TSX which closed -1.27%. Market movers included Chorus Aviation soaring 5.16%, Extendicare up 1.95% and Parex Resources at 1.83%. Heading down were Suncor at -3.51%, Cameco -3.31%, Bombardier -2.94% and Hexo at -10.71%. Meanwhile, crude oil resumed its rally, with WTI climbing nearly 2% to nearly crack $90 a barrel as WCS gained 2.25% to $76.50. Bitcoins held steady just under $37,000.
🕵️♂️ Meta Platforms Inc / Facebook (FB-Q) -26.62%
📦 Amazon.com (AMZN-Q) -7.42%
🧮 Alphabet Inc. / Google (GOOG-Q) -3.56%
💾 Adobe Systems (ADBE-Q) -4.25%
🛏 Bed Bath & Beyond (BBBY-Q) -7.34%
🥩 Beyond Meat Inc. (BYND-Q) -9.16%
📡 T-Mobile US (TMUS-Q) +10.22%
👨⚕️ Humana Inc (HUM-N) +6.36%
🩺 Becton Dickinson (BDX-N) +5.41%
🛫 Chorus Aviation Inc (CHR-T) +5.16%
🏬 Extendicare Inc (EXE-T) +1.95%
🏗 Parex Resources Inc. (PXT-T) +1.83%
🛢 Suncor Energy Inc (SU-T) -3.51%
⛏ Cameco Corporation (CCO-T) -3.31%
🚂 Bombardier Inc (B) (BBD.B-T) -2.94%
🌿 Hexo Corp (HEXO-T) -10.71%
