Stock market news live updates: Nasdaq futures plunge following Facebook earnings miss

SUBSCRIBE TO OUR NEWSLETTER

By clicking submit, I authorize Daily Finance Service and its affiliated companies to: (1) use, sell, and share my information for marketing purposes, including cross-context behavioral advertising, as described in our Terms of Service and Privacy Policy, (2) supplement the information that I provide with additional information lawfully obtained from other sources, like demographic data from public sources, interests inferred from web page views, or other data relevant to what might interest me, like past purchase or location data, (3) contact me or enable others to contact me by email with offers for goods and services from any category at the email address provided, and (4) retain my information while I am engaging with marketing messages that I receive and for a reasonable amount of time thereafter. I understand I can opt out at any time through an email that I receive, or by clicking here

Finance

Futures tied to Wall Street’s key benchmarks were mixed heading into overnight trading Wednesday after stocks closed higher for the fourth straight day on the heels of Big Tech earnings.

However, the winning streak in equities was eclipsed by disappointing fourth quarter results from Facebook parent company Meta (FB), which reported figures that missed estimates after the bell on Wednesday. The results sent shares tumbling more than 20% in post-market trading. Contracts on the tech-focused Nasdaq Composite dropped 1.68% following results, while S&P 500 and Dow Jones Industrial Average futures were muted.

Meta reported Q1 2022 revenue, a key figure for stock watchers, that came up short, with the company estimating between $27 billion to $29 billion in the current quarter, below analysts’ expectations of $30.25 billion. The company’s ability to continue to navigate Apple’s (AAPL) recent privacy changes that allow iOS users to opt out of letting their apps track them across the web was also in focus for the near term.

Facebook’s fourth-quarter report comes amid a prolific week in earnings season. Amazon (AMZN) is set to unveil figures after market close on Thursday, marking the last of five corporate heavyweights that account for about one-quarter of the S&P 500’s total market capitalization to reveal 2021 year-end performance figures. Shares of Alphabet (GOOGL), which released its results on Tuesday, surged in Wednesday’s session after the tech giant topped quarterly sales and profit estimates and announced a 20-for-1 stock split.