February 3, 2022

U.S. stocks closed down today as investors’ renewed optimism on big tech names, driven by a slew of strong earnings, took a turn down after Facebook-parent Meta Platforms reported disappointing quarterly results.

Dow Jones finished -518 at 35,111

S&P 500 finished -112 at 4,477

NASDAQ finished -539 at 13,878

The 10 Year Treasury closed up 6 basis point yielding 1.83%

Oil prices closed up $1.82 ending at $90.08 a barrel.

Gold prices closed down $3.80 ending at $1,806 an ounce.

In the days’ stock news:

Meta — The Facebook parent company’s stock tanked 26%, wiping out more than $200 million in market cap, after Meta reported weaker than expected earnings and user numbers for the fourth quarter. Facebook also issued disappointing revenue guidance and said that Apple’s privacy policy and the rise of TikTok were hurting its advertising business.
Spotify — The music streaming stock dropped almost 17% after its user growth guidance for the first quarter failed to impress Wall Street. Spotify said it expected 418 million active users for the first quarter, roughly in-line with estimates according to FactSet’s StreetAccount.