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Why Meta Platforms Stock Fell Yesterday

00:00:59

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Shares of several companies in the broader technology sector, including Meta Platforms, were trading lower amid overall market weakness as growing COVID-19 concerns and omicron variant uncertainty weigh on market sentiment. The COVID-19 omicron variant has now been detected in at least 45 U.S. states, and nearly 80% of ICU beds are full across the country. The U.S. is reportedly averaging about 130,000 new COVID-19 cases each day, representing about a 10% increase compared to last week. Health officials have warned that, because of the omicron variant's heightened transmissibility, the surge in COVID-19 cases could continue as people begin traveling for and getting together during the holidays. Meta Platforms, formerly Facebook ($FB@US), operates the world's largest online social network, with 2.5 billion monthly active users. Meta has traded in the high $300s and as low as about $244 over the 52-week period. The stock was down about 3% at around $324.

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