MNI BRIEF: Fed's Goolsbee Sees Rates Down 'Fair Amount' In '25

MNI BRIEF: December Fed Cut 'Absolutely Not' Off Table - Daly

MNI China Daily Summary: Tuesday, Dec 3

MNI BRIEF: China-Based UK Firms Facing Challenges

MNI: PBOC Net Drains CNY248 Bln via OMO Tuesday

MNI: PBOC Sets Yuan Parity Higher At 7.1996 Tue; -1.92% Y/Y

MNI: AUSTRALIA Q3 GDP +0.3% Q/Q

EZ/UK T-Bill Calendar: Greece, EU Auction on Wednesday

EZ/UK Bond Supply Calendar: UK, Germany Auction on Wednesday

MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

Indices Slide, Meta's Loss Amongst Largest in Market History

EQUITIES
  • Equity markets edged lower Thursday, with tech a distinct underperformer following the notable slide in Meta (Facebook) shares. The company dropped over 25%, wiping out as much as $200bln in value - amounting to the one of the largest drops in $ terms in market history after-earnings.
  • Meta's earnings outlined a myriad of problems facing the tech giant: dropping users to rival networks likeTikTok, a shrinking user base for the first time in company history, a tightening of Apple's privacy standards hurting Meta's ability to target advertising and sizeable investments in unprofitable virtual reality/metaverse products.
  • This put the NASDAQ lower by over 2.5%, while the Dow Jones Industrial Average was more shielded, but still shed near 1% by the London close.
  • Equities traded defensively following hawkish outturns from both the ECB and the Bank of England, with healthcare, consumer staples and utilities among the session's best performers, while tech and growth stocks made up the bottom of the pile.
  • Earnings remain a market focus, with Amazon and Ford Motor due after the bell.
Homepagemarkets-real-timeEquitiesBulletMarketsFixed Income BulletsForeign Exchange BulletsAT&T Market NewsBank of America Market News
Homepagemarkets-real-timeEquitiesBulletMarketsFixed Income BulletsForeign Exchange BulletsAT&T Market NewsBank of America Market News

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.