Good evening.
Markets tumble, Facebook had the largest one-day loss in history, and stocks are trading like memecoins.
Let’s dive in.
Markets
Here are today’s market moves:
What Happened?
U.S. stocks fell on Thursday, ending a four-day win streak.
Why? Facebook parent company Meta fell 26% after weak Q4 earnings, leading to a broad stock selloff.
Facebook erased more than $230 billion in market value, the largest one-day loss ever by a U.S. company.
Tech stocks could get a boost tomorrow. Amazon is up 14% in after-hours following a strong Q4 earnings report.
The crypto market finished flat on Thursday, with Bitcoin trading near $37k, after prices fell earlier in the day.
Catch Up
Solana DeFi project loses $320 million in largest hack so far in 2022.
Bank of England hikes interest rates in first back-to-back rise since 2004.
Global investment bank Goldman Sachs says the metaverse could be an $8 trillion opportunity.