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3 Feb 2022

NASDAQ Futures Plummet by 2% Following Facebook’s Grim Forecast

NASDAQ Futures Plummet by 2% Following Facebook’s Grim Forecast

The Index Today

Nasdaq 100 futures slipped by 2% following Facebook’s parent Meta Inc.’s gloomy financial forecast, setting a similar tone for other social media companies.

Meta fell by 19.4% during premarket trading following a drop in the number of daily active users. The company has cited Apple’s policy changes, and growing competition from other social media giants like TikTok, as major reasons for their current slump.

Social media firms like Snap Inc., Twitter Inc., and Pinterest were also down between 6.6% and 15.2%.

The CBOE volatility index rose by 1.07 points to 23.14, following an almost three-week low during the previous session.

According to Saxo Bank’s Head of Equity Strategy, Peter Garnry, “the underlying dynamics are unchanged in the market, with downside risks persisting, driven by inflation and tightening of financial conditions."