Nasdaq falls more than 2% by late morning as Meta sinks and oil climbs
Meta dropped about 7% and chip stocks fell again, while Brent held around $112 and Treasuries rallied.
U.S. stocks extended their losses by late morning Thursday, with the Nasdaq Composite down more than 2%, the S&P 500 down about 1.2% and the Dow Jones Industrial Average down about 0.2%. A post-earnings slide in Meta and renewed losses in chip stocks combined with rising oil prices to pressure the market.
Meta fell about 7%, the biggest single drag, as investors weighed its growing AI spending plans and a new class of non-voting shares; chip stocks including Intel and Lam Research fell for a second day. Brent crude traded around $112 a barrel, up about 3%, after the attacks in Saudi Arabia, while Treasuries rallied and yields fell. See our Meta story and oil story.
Against the market, Procter & Gamble rose about 5% after beating estimates (story) and Lockheed Martin gained after raising its outlook. For the morning's open, see our earlier market story.
