FB Stock News: Meta Platforms Inc climbs higher as big tech rebounds during market rally

NASDAQ:FB gained 2.89% during Tuesday’s trading session.
Russian Instagram influencers find themselves suddenly without employment.
Facebook is fined in Ireland over a series of 2018 data breaches.

Stocks Reporter FXStreet

NASDAQ:FB capped off a strong trading day with a surge into the closing bell, as the NASDAQ reported its best trading session in more than a week. Shares of FB added 2.89% and closed the trading day at $192.03. Big tech stocks rallied on Tuesday after yet another bearish start to the week during Monday’s session. Amazon (NASDAQ:AMZN) and Microsoft (NASDAQ:MSFT) led the way gaining 3.89% and 3.87% respectively, while Apple (NASDAQ:AAPL) and Alphabet (NASDAQ:GOOGL) were also trading higher. Chip makers and EV stocks were also on the rise, as NVIDIA (NASDAQ:NVDA) jumped by 7.70% and Tesla (NASDAQ:TSLA) rose by 4.63% during the session.

Stay up to speed with hot stocks' news!

With Russia’s sudden ban of Meta’s Instagram platform earlier this week, Russian social media influencers suddenly find themselves without a source of income. It has also had a direct effect on Russian small businesses which use Facebook and Instagram and their eCommerce platforms to directly sell products and services to customers. Instagram is a popular platform amongst both entrepreneurs and the general public in Russia, with an estimated 60 million accounts, or about 40% of the population of the entire country.

Facebook stock price

Meta Platforms has also been fined a sum of $18.6 million by the Irish Data Protection Commission over a series of data breaches from 2018. It’s not the first time the Facebook platform has been in the headlines for a data breach, and US big tech companies seem to receive an especially critical eye from European regulators.

Like this article? Help us with some feedback by answering this survey:

Premium

You have reached your limit of 3 free articles for this month.

Start your subscription and get access to all our original articles.

Subscribe to Premium Sign In

Author

Stocks Reporter

FXStreet

AUD/USD falls to near 0.7100 after slipping below 50-day EMA

AUD/USD depreciates after registering minor gains in the previous day, trading around 0.7120 during the Asian hours. The technical analysis of the daily chart shows the pair consolidating sideways within a rectangle pattern, as neither bulls nor bears gain control. The AUD/USD pair is holding a slight bearish tone however as it sits beneath both the nine-day and 50-day EMAs.

160.00: USD/JPY back near intervention territory after upbeat US jobs report

US Nonfarm Payrolls beat expectations by a wide margin in May, with 172K jobs added. The US Dollar rebounds after the release, helping USD/JPY recover from its intraday lows. Warnings from Japanese authorities continue to limit upside potential near the 160.00 threshold.

Gold targets $4,300 amid stronger Dollar

Gold faces increasing selling interest and navigates the area of three-month lows near the $4,300 mark per troy ounce on Friday. The precious metal’s decline comes as traders assess the stronger-than-expected NFP, while the bid bias in the Greenback and higher US Treasury yields also collaborate with the retracement.

Cardano hits five-year low even as Hoskinson clarifies "break" isn't an exit

Cardano (ADA) price is down 10% at press time on Friday, extending losses over 30% so far this week amid Charles Hoskinson's clarification that "break" isn't an exit.

Week ahead – Fed countdown begins amid US inflation data and geopolitical risks

Fed Chair Warsh’s first meeting approaches as key US inflation data could reshape expectations. Oil prices remain elevated as US-Iran talks continue; tariffs also return to the spotlight. ECB is expected to hike; will it be a one-off move or is July live?

The US economy defies the rules: 100 days into the Oil shock and the recession signal is still missing

More than three months after the start of the Iran war and the resulting disruption to global energy markets, the US economy continues to display remarkable resilience. The conflict has triggered a sharp rise in Oil prices, reignited inflationary pressures and fueled widespread concerns about a potential economic slowdown.