Social media stocks including Snap and Twitter plunged on the news as the recent comeback in tech stocks faltered.
The stock market fell on Thursday—its first down day in five sessions—as investors once again dumped shares of tech stocks, which were under pressure after Facebook parent Meta Platforms reported lackluster profits and warned of challenges to its business this year. Strong earnings from the likes of Alphabet, Apple and Microsoft helped push investors back into tech stocks after January’s selloff when the Nasdaq fell into correction territory, down 9% for the month alone.
