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Social Setback: Facebook's Disappointing Results Might Weigh On Nasdaq

July 26, 2018 / JJ Kinahan

As the tech sector licks its wounds from Facebook’s sub-par quarter, the question is whether the contagion might spread. At least early on, it’s impressive how well the rest of the market is hanging in there despite the Facebook news. It certainly looks like tough sledding for tech after Facebook disappointed investors and saw shares tumble more than 20% in post-market trading. However, signs of a thaw in the U.S./Europe trade relationship might help balance the load for the broader market, and a host of earnings reports might divert attention, too. Those tidings from Facebook could mean pressure today not only on its shares, but potentially on shares of the other “FAANG” stocks including Amazon, which is due to report after the close. Most of the FAANGs fell in apparent sympathy with Facebook after the close yesterday.