Meta Platforms shares helped drag down the Nasdaq Composite Tuesday and stocks fell across the board for the second day as recession fears mounted.
The Dow Jones Industrial Average dipped 351.02 points, or 1.03%, to close at 33,596.08. The S&P 500 dropped 57.60 points, or 1.44%, to close at 3.941.24, and the Nasdaq fell 225.05 points, or 2.00%, to close at 11,014.89.
The Wall Street Journal reported Tuesday that European Union regulators have barred Facebook and Instagram from requiring users to agree to personalized ads based on their online activity.
Meta’s (META) share price plummeted $8.31, or 6.79%, to close at $114.52.
Stronger-than-expected economic reports showing a still-hot economy have stoked fears that the Federal Reserve will continue to aggressively raise interest rates to get inflation under control. There are concerns that too many increases at too high of a rate could push the economy into a recession.
The Federal Reserve policy committee meeting to decide interest rates is scheduled for next week. Fed Chairman Jerome Powell indicated the central bank is likely to raise interest rates 0.5% after hiking them 0.75% at each of its last four meetings.
Some stocks that saw declines Thursday included Apple (AAPL), which closed at $142.91, down $3.72, or 2.54%. Alphabet’s (GOOG) price of shares fell $2.56, or 2.56%, to close at $97.31.
“It’s yet another day of choppiness,” Matthew Stadelman, chief investment officer of Diamond Hill Capital Management, told the Journal. “Each data point is being extrapolated and the signal-to-noise ratio is much higher than normal.”