Asia Stocks Set to Fall as Meta Drags on Big Tech: Markets Wrap

-- Asian equity markets were poised to open lower after Meta Platforms Inc.’s disappointing outlook raised concern on whether the industry that has powered the bull market in equities has run too far.Biden’s New Chopper Is Demoted After Scorching White House Lawn

The Facebook parent reported revenue of $36.5 billion in the first quarter, an increase of more than 27% over the same period a year ago. It was a small beat, as analysts were looking for revenue of $36.1 billion on average, according to estimates compiled by Bloomberg. Profit more than doubled to $12.4 billion.“We encourage investors to focus on the positives,” said Tejas Dessai at Global X ETFs. “The company’s fundamentals continue to show strength, and that’s the key story.

Meantime, a JPMorgan Chase & Co. indicator is flashing a resounding buy signal in US stocks, after it hit a threshold that typically precedes better-than-average gains. For weeks, traders have been scaling back how many rate cuts they expect from the Fed amid a string of resilient economic data. Economists surveyed by Bloomberg predict gross domestic product likely cooled to around 2.5% in the first quarter, with the figures still potentially suggesting persistent inflationary pressures.

Chipotle Mexican Grill Inc. raised its full-year outlook as limited-time offers such as chicken al pastor helped boost demand, continuing a streak of positive results as other chains struggle to boost diner traffic. Amazon.com Inc. and Microsoft Corp.’s investments into artificial intelligence startups will get deeper scrutiny from the UK’s antitrust watchdog.Japan rate decision, Tokyo CPI, inflation and GDP forecasts, FridayS&P 500 futures fell 0.6% as of 8:17 a.m. Tokyo time. The S&P 500 was little changedThe yen was little changed at 155.

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