US Stocks Keep Falling 📉
As EU regulators swoop in, Meta Platforms plummet
- Following news that EU regulators are poised to crack down on how it utilizes tailored advertising, $FB stock fell 6.96% yesterday. Reuters reports that Meta will be prohibited from using users' personal information to run advertisements without permission.
- A fine may also be imposed on Meta, the newspaper said. Meta's own Oversight Board also compelled the social media behemoth to change its moderation process, which purportedly permits famous users to flout the rules.
US markets decline for the fourth day in a row.
- As recession concerns persisted in the markets yesterday, US stocks declined for the fourth straight session. But, again, the notable underperformers were energy companies.
- Although the next FOMC meeting is set for December 13–14, inflation worries are still a top priority. However, the employment data released last Friday revealed both a stronger-than-anticipated labor market and a faster pay rise. Some worry that the latter kind of inflation will be more challenging to control.
Other news:
- Jamie Dimon's remarks from yesterday also weren't helpful. He repeated his remark from back in June about the "economic hurricane." He admitted yesterday that the economy is doing well and that consumer spending is still high. But he continued, "Everything I just mentioned is being eroded by inflation." and said that inflation "could be a hurricane" and send us into a recession.
- OIL: Over the past 24 hours, the price of oil dropped by more than $3, falling to below $74 before modestly rising. The price of oil was $74.50 at the time of writing. Traders worry that the recent positive US economic statistics will push the Federal Reserve to maintain higher interest rates for a longer period of time, raising the chance that the world's largest economy may enter a recession.
- Asian markets: The HKG50 recorded marginal losses of about 0.3%, while the JPN225 and China50 reported marginal gains.
- Top cryptos flat: Except for XRP, which gained just under 0.5%, significant cryptocurrencies all had minor losses of less than 1%. At the time of writing, the price of Bitcoin was just around $17,000, with slight declines over the previous day.
- Herbalife Nutrition's $HLF stock crashed after the global nutrition company revealed plans to issue $250 million in senior convertible notes with a maturity date of 2028.
Source: Yahoo Finance