03/02/2022
The S&P 500 closed lower Thursday, snapping a four-day win streak as Facebook-parent Meta Platforms' biggest one-day plunge ever, triggered a sea of red across stocks.
The S&P 500 fell 2.4%, the Dow Jones Industrial Average slumped 1.5 %, or 518 points, the Nasdaq slipped 3.7%.
Meta Platforms (NASDAQ:FB) reported fiscal-fourth quarter results that missed on the bottom line as it failed to grow users for the first time, and signaled more pain ahead.
The social media giant flagged rising competition from TikTok, the impact of Apple's iOs changes, and costs associated with funding its foray into the metaverse as headwinds. Apple last year introduced changes to its iPhone operating system that gave users the option to block apps from accessing the identifier for advertisers, or IDFA, used by advertisers to track users and serve them ads on their iPhones.