On Monday, my life didn’t change, ruin, or panic.
I wasn’t one of the millions of people around the world screaming in horror because I couldn’t post every moment of my life on Facebook.
At 12:00 pm eastern time on Monday, Facebook and its compatriot social media platforms (Messenger, WhatsApp, Instagram) were hit by a six-hour outage that caused social media turmoil.
Facebook isn’t my social media option (I tend to stay on Twitter), but I’ve paid attention to the impact of the outage on Facebook’s stock price.
And here’s a bigger story …
In this episode of Bull & Bear, I’ll explain how the outage pushed Facebook’s inventory further down and how its continuous decline can be tracked to what happened a month ago.
Larger tech stock decline hurt Facebook
Technology stocks benefit from strong market sentiment and this long-term bull market.
NS Technology Select Sector SPDR Fund (NYSE: XLK)., Exchange Traded Fund (ETF) Invested in US high-tech stocks, hitting a high of nearly $ 160 per share in late August. But since then, ETFs have fallen by nearly 7%.
The sale of tech stocks is much deeper within a particular segment.
BVP’s Emerging Cloud Index Hit Last Month
Last month, EMCLOUD, which tracks cloud-based tech stocks, fell 9.6% in value, while tech-powered Nasdaq fell 6.1%. Conversely, the S & P 500 has fallen only 3.9%, and the Dow Jones Industrial Average has fallen only 2.2%.
Facebook’s condition is deteriorating, down nearly 12% last month.
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Matt Clark, CMSA®
Survey analyst, Money & Market
Matt Clark is a research analyst Money & Market.. He is a Certified Capital Markets & Securities Analyst at the Corporate Finance Institute and In search of alpha..Before joining Money & Market, He has been a journalist and editor for 25 years, responsible for college sports, business and politics.
The Fall of One Big Tech? Facebook Stock Teeters on the Edge Source link The Fall of One Big Tech? Facebook Stock Teeters on the Edge
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