FB Stock News: Meta Platforms Inc soars as Instagram adds NFTs to site

NASDAQ:FB gained 6.04% during Wednesday’s trading session.
CEO Mark Zuckerberg announces Instagram will be adding NFTs to its platform.
Ex-Meta staff have created a crypto unicorn after receiving more funding.

Stocks Reporter FXStreet

NASDAQ:FB had its best session in weeks, as the beaten-down tech giant continues to roll out new content on its platforms. Shares of FB jumped by 6.04% and closed the trading day at $203.63. On Wednesday, stocks rallied for the second straight session ahead of the Federal Reserve announcing its first interest rate hike since 2018. Big tech stocks surged as the NASDAQ index jumped by 3.77%, while the S&P 500 gained 2.24% during the session. The Dow Jones also continued to rebound as the blue-chip index added back a further 518 basis points, as crude oil futures fell for a third straight session.

Stay up to speed with hot stocks' news!

CEO Mark Zuckerberg made a big announcement at the SXSW festival in Austin, Texas. Zuck announced that the Instagram platform will be adding NFTs for users to both mint and sell in the near future. The move comes as Meta Platforms gears up for the Metaverse and the transition to Web3.0, where artists and content creators can earn payment via things like NFTs. This has the potential to further boost Instagram’s eCommerce segment and will continue to support independent entrepreneurs in making a living off of the platform.

Facebook stock price

In other blockchain-related news, ex-Meta employees which created the crypto project, Aptos, received over $200 million in funding in the latest round, and are now valued at over $1 billion. The group left Meta after working on its Diem project, and are now working towards providing a scalable solution that will eliminate high gas fees like the ones that are seen on the Ethereum network.

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

Author

Stocks Reporter

FXStreet

GBP/USD advaces beyond 1.3450 after BoE decision, US Q2 GDP

GBP/USD gains positive momentum on Thursday, surpassing 1.3450 and trading at fresh multi-week highs. The Bank of England decided to maintain the benchmark rate unchanged at 3.75%. The MPC voted 6-3 to keep rates on hold, with the 3 dissenters favoring a rate hike. US Q2 GDP missing expectations helped the pair advance, while renewed US Dollar weakness across the FX board pushed the pair further up ahead of the monthly close.

EUR/USD confortable around 1.1530, highest in six weeks

The EUR/USD pair trades around 1.1530 in the American session on Thursday, reaching fresh six-week highs. The US Dollar is in sell-off mode, with multiple factors weighing on the American currency. Not only did the Federal Reserve vote divided to keep rates on hold on Wednesday, creating doubts about a September hike, but US Q2 GDP missed expectations. A suspected JPY intervention adds pressure on the Greenback.

Gold recovers the $4,100 level as US Dollar weakens further

Gold trades just above $4,100 amid a US Dollar sell-off. The Greenback enjoyed some near-term demand following Wednesday's post-FOMC downfall, but was unable to retain its gains. The preliminary estimate of the US Q2 GDP showed the economy grew at an annual rate of 1.5%, missing the market's expectations of 2.1%.

Ripple Price Forecast: XRP builds recovery momentum as whales increase exposure

Ripple (XRP) rises toward the pivotal $1.10 resistance on Thursday, marking three consecutive days of gains. This neutral-to-slightly bullish outlook follows the Federal Reserve (Fed) decision to leave interest rates unchanged in the 3.50%-3.75% range.

The FOMC: Rates left on hold; dollar falls as Warsh fails to vote for hike

The Fed kept interest rates on hold today, defying a 30% chance in the Fed Funds Futures market that rates would rise. The Committee voted 9-3 to keep rates on hold, with governors Kashkari, Hammack and Logan all voting to hike rates due to concerns about inflation. The immediate market reaction has been a sharp drop in the USD on a broad basis.

9-3: Is the Federal Reserve’s vote tally Warsh's new forward guidance?

The rate did not move. Neither did the statement, and that’s the more interesting fact. Set the July 29 Federal Open Market Committee (FOMC) statement beside the one issued on June 17, and the two documents are identical apart from a single verb and a paragraph at the bottom naming three dissenters.