Meta Shares Plunge 10.6%
Key points:
- Meta's shares drop by 10.6%
- S&P 500 experiences losses due to Meta's decline
Meta Platforms Inc. (META) saw a significant equity selloff, with its shares dropping by 10.6%. This decline occurred following the company's tepid earnings guidance and the release of a worse-than-expected first-quarter GDP print. There were also signs of persistent inflation pressures.
The impact of Meta's losses was felt in the S&P 500, leading to losses in the communications stocks. Other sectors that also experienced a fall include healthcare, real estate, financials, consumer staples, and consumer discretionary sectors.