Shares of Meta Platforms tumbled over 20% in extended trading amid weaker than expected fourth-quarter results
Wall Street stocks finished higher overnight, extending their weekly gains, with technology companies lifting the broader market again. The S&P 500 rose 0.9%, the Dow Jones Industrial Average added 0.6%, and the Nasdaq gained 0.5%. In individual stocks, Google parent Alphabet jumped 7.5% after it said its digital ad business propelled a 36% jump in profit last quarter. On the negative side, Shares of Meta Platforms tumbled over 20% in extended trading after the company reported weaker than expected fourth-quarter results.
Meanwhile, Asian stock markets were mixed on Thursday amid some profit-taking following a recent rally. Also, markets turn cautious as investors brace for the ECB and the BOE monetary policy announcements. Stocks in Australia printed mild losses along with Japan’s Nikkei 225. Bucking the trend, South Korea’s Kospi rallied 1.9% to print the biggest daily gains in a year as bourses in Seoul reopen after three-day off.
In Europe, equities opened slightly lower today, with investors focusing on the outcome of the ECB’s and Bank of England’s policy meetings. In the UK, investors expect a second consecutive rate hike amid elevated inflation. As for the ECB verdict, the bank is widely expected to keep its policy settings unchanged, while Lagarde’s comments on the inflation outlook will be in focus. The pan-European Stoxx 600 slipped 0.3% in early deals.
As safe-haven dollar demand cooled, the USD index had been retreating this week from fresh long-term highs along with US Treasury yields. As such, EURUSD exceeded the 1.1300 barrier to notch local highs around 1.1330. However, the euro failed to preserve gains and retreated along with other high-yielding counterparts as the greenback turned positive across the market. Also, traders take profit ahead of the ECB meeting outcome announcement. The common currency could regain the upside momentum if the central bank expressed a hawkish tone, citing record inflation numbers.
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