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Meta falls over as signs tip to weak economy

Updated: Aug 28, 2022

By Nishita

Following disappointing quarterly earnings and forecasts that increased concerns about a looming recession, shares of numerous large U.S. firms fell during extended trading on Wednesday.

After providing a fiscal fourth-quarter revenue prediction, Qualcomm's stock fell more than 2%; ServiceNow's stock fell by 6% after the company lowered its projection for subscription revenue. The Nasdaq increased by 4% to record its largest daily percentage rise since April 2020 before Wednesday's barrage of late-day quarterly releases.

Data that will be released on Thursday will demonstrate how much the American economy grew or contracted in the June quarter. Teladoc Health, the fifth largest holding in star investor Cathie Wood's Ark Innovation ETF, collapsed by 20% after the virtual healthcare company reported a quarterly loss of $3.1 billion.


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