(Bloomberg) — Big tech sold off in late hours after Meta Platforms Inc.’s disappointing outlook raised concern on whether the industry that has powered the bull market in equities has run too far.
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A $250 billion exchange-traded fund tracking the Nasdaq 100 (ticker: QQQ) got hit after the close of regular trading as the Facebook parent tumbled more than 15%. Meta projected second-quarter sales that were below analyst expectations and increased its spending estimates for the year.
Meta Sinks on Revenue Guide and Spending Plans: Street Wrap
“Meta’s resources are vast, but not infinite,” said Sophie Lund-Yates at Hargreaves Lansdown. “The language around spending plans has become bolder once more, and this could be what’s spooking markets.”
In the run-up to the results, the broader market struggled to gain traction as traders positioned for economic data that will help shape the views on the Federal…
