Stocks tumble as Facebook’s earnings-induced rout halts tech rebound, Nasdaq falls 3.7%; European markets close lower as tech stocks plunge; Bank of England hikes rates 
U.S. stocks fell on Thursday as investors’ renewed optimism on big tech names, driven by a slew of strong earnings, took a turn down after Facebook-parent Meta Platforms reported disappointing quarterly results. 
Losses deepened by the afternoon, with the Nasdaq Composite falling 3.7% to 13,878.82 for its worst day since September 2020. The S&P 500 had its worst day in nearly a year, sliding 2.4% to 4,477.44, with tech shares as the biggest drag. The Dow Jones Industrial Average fell 518.17 points, or 1.4%, to 35,111.16. 
Meta Platforms shares plunged 26.4% after the company’s quarterly profit fell short of expectations. The company also issued weaker-than-expected revenue guidance for the current quarter. It was the biggest drop ever for the Facebook parent. 
Spotify fell 16.7% after the company’s latest quarterly figures showed a slowdown in premium subscriber growth. Pinterest and Amazon, which will both report earnings after the closing bell, fell 10.3% and 7.8%, respectively. 

The pan-European Stoxx 600 closed down 1.8% provisionally, with tech stocks sliding 3.4% to lead the losses after a weaker-than-expected set of results and disappointing earnings forecast from Facebook parent company Meta.  
Shell posted a sharp upswing in full-year profit, with adjusted earnings of $19.29 billion, beating analyst expectations on rebounding commodity prices. Shares of the British oil major were slightly higher. 
Source: CNBC, Investing.com