The tech-heavy Nasdaq fell as shares of other social media companies also took a beating.
“As we’ve gotten numbers in recent days, what we’re seeing is the delivery of earnings being rewarded or penalized, and if you continue to deliver strong earnings growth, the market will reward that,” said Maxwell Grinacoff, US equity & derivatives strategist at BNP Paribas. “People are going to start increasing allocations to value stocks, and to do that they will have to sell their growth stocks, even if they are down 15% to 30%,” said Jack Murphy, chief investment officer of Easterly Investment Partners.
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