US stocks fall as Meta’s disappointing forecast disrupts tech recovery

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Facebook owner Meta is on track to lose a quarter of its market cap in Thursday's wipeout

Stock market information at the Nasdaq MarketSite in New York, the US, February 3 2022. Picture: MICHAEL NAGLE/BLOOMBERG

The share slump is set to wipe out more than $200bn from Meta’s market capitalisation, which would shave off about 0.9% from Nasdaq’s market value and about 0.5% from S&P 500. “This is definitely shaking investors’ resolve around the recent relief rally that we've been seeing in tech,” said Robert Pavlik, chief investment strategist at SlateStone Wealth in New York.Ten of the 11 major S&P 500 sectors declined in early trading, with communication services dropping 5% and leading losses.

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