The tech-heavy Nasdaq fell Thursday after disappointing quarterly results from Facebook sent the social media giant tumbling to its largest one-day loss ever.
The Nasdaq Composite dropped 1 percent to finish at 7,852.18, led by a steep decline in the social media giant. Facebook posted the largest one-day loss in market value by any company in U.S. stock market history after the report, losing more than $119 billion in market value.
The Invesco QQQ Trust, which tracks the Nasdaq 100 index and can give traders a good idea of how the Nasdaq stocks will trade, closed more than 1.5 percent lower, and the Nasdaq 100 index ended up .8 percent lower.
Facebook’s “FANG” brethren were also down. Amazon, which reported better-than-expected earnings after the bell Thursday, lost roughly 8 percent. Netflix, which disappointed FANG investors with its own set of weak results earlier this earnings season, closed slightly higher.
Facebook competitors Twitter and Snap also felt the pain, losing 3 percent and .15 percent, respectively.
Investors did not see this coming. The Nasdaq Composite index hit a record during trading Wednesday as investors crowded back into the FANG names once again. Facebook was responsible for a lot of that boost, jumping 1 percent during regular trading.
But after the bell it was a different story.
Facebook posted weaker-than-expected daily active users for last quarter and said revenue growth would decline sequentially in the second half of this year.
Be the first to comment