Tech stocks are at the lows of the day, with the Nasdaq down 1.8% in a broad based selloff led by Tesla (-4.9%) and Apple (-3.0%). Tesla has been struggling with EV demand fears and today was hit by a fire at its Berlin factory that will keep it offline all week. Apple is hurting on China demand fears, despite an announcement today that China will look to boost consumption this year.
The latest selling is coming in shares of META.
Many users are reporting problems with Facebook and Instagram today, with users being logged out online and and mobile and being asked to log back in.
Shares of Meta are down 1.6% and back below $500 after hitting a record $504 yesterday. The drop is mostly in line with the broader market but could reflect some fears of hacking or longer downtime. Those kinds of fears were more-widespread many years ago with Facebook but it’s now largely insulated from them.
That said, I’m sure some engineers at Facebook and Instagram are scrambling right now. Threads is also down,though I don’t think too many people noticed.
Nasdaq heatmap: