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Stocks struggle after Meta moodswings, tepid US GDP

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LONDON, April 25 - Stocks snapped a three-day winning streak on Thursday as disappointing forecasts from Facebook and Instagram owner Meta hammered the tech sector, while FX markets watched Japan's yen sink through 155 per dollar for the first time since 1990.

In an earnings-packed week, tech bellwethers are in the spotlight, with Alphabet , opens new tab, Microsoft , opens new tab and Intel , opens new tab also due to report after Thursday's closing bell. GDP increased at a 1.6% annualized rate, the Commerce Department's Bureau of Economic Analysis said, largely supported by consumer spending. Economists polled by Reuters had forecast a brisker 2.4%.

The shifting expectations of U.S. rates have lifted Treasury yields and the dollar, casting a shadow on the currency market. Against a basket of currencies, the dollar , opens new tab ticked fractionally higher to 105.89 after the GDP data. "Tokyo has still not intervened, and I reiterate that it does look like there will be no intervention so long as USD/JPY's climb continues in a relatively non-volatile fashion," said RBC Capital Markets' head of Asian FX strategy, Alvin Tan.

 

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