Live Nasdaq Composite: Markets Hunt Direction as Meta Captures Spotlight
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Meta Platforms (META) could cut its Metaverse budget by nearly one-third, according to a Bloomberg report.
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Over 1 million Americans were laid off in 2025 with levels not seen since the pandemic era.
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Snowflake (SNOW) tumbled 8.5% after issuing a weaker-than-expected outlook despite robust quarterly revenue.
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Bullish on Meta
Expanding on the Meta theme, Mizuho analysts reemphasized their “outperform” rating and $815 price target on the stock, arguing the shares could see a powerful rally from here. The analysts say Meta’s plan to cut up to 30% of its Metaverse spend could add roughly $2/share to 2026 EPS estimates and shore up confidence in the company’s generative AI investments, with a bull-case scenario that stretches as high as $1,245 per share for the stock. Meta shares are holding onto gains, up 4% at last check.
Tech/Aerospace Tie Up
A new technology/defense partnership is unfolding. Raytheon Technologies has struck a strategic partnership with Amazon’s (Nasdaq: AMZN) AWS to strengthen its space capabilities for government and private sector customers. The markets aren’t impressed, and AMZN shares are falling 2% today.
Wall Street Analyst Calls
KeyBanc analysts remain bullish on Apple (Nasdaq: AAPL) stock with a “sector weight” rating, predicting stronger than anticipated iPhone 17 sales.
Citi analysts reemphasized their “buy” rating on Broadcom (Nasdaq: AVGO) stock. The company is expected to report earnings in the coming days, and Citi believes results will come in better than expected.
Goldman Sachs has reiterated its “buy” rating on Salesforce stock, helping to buoy sentiment in CRM shares today.
This article will be updated throughout the day, so check back often for more daily updates.
The markets are higher out of the gate, with all three of the major stock market averages seeing green, including a fractional gain in the Nasdaq Composite. Meta Platforms (Nasdaq: META) is a standout, tacking on 3.5% today on reports that the social media giant will be slashing its capex for its Metaverse initiative. A Bloomberg report suggests Meta could cut its Metaverse budget by nearly one-third.
Broader sectors of the economy are mixed, with no real conviction in either direction.
The latest Challenger, Gray & Christmas report revealed more than 1 million Americans were laid off in 2025, levels not seen since the pandemic era. Last month, more than 71,000 workers lost their jobs, buoying the total 1.17 million for the year so far, owing to a perfect storm of corporate restructurings, shuttered businesses and economic uncertainty.
Here’s a look at where things stand as of morning trading:
Dow Jones Industrial Average: 47,961.44 Up 75.33 (+0.16%)
Nasdaq Composite: 23,471.90 Up 22.81 (+0.08%)
S&P 500: 6,859.37 Up 9.65 (+0.14%)
Market Movers
Snowflake (NYSE: SNOW) is tumbling by 8.5% today on the heels of its earnings report as a weaker-than-expected outlook overshadowed robust quarterly revenue.
Salesforce (NYSE: CRM) has the wind at its back after impressing Wall Street with its revenue outlook and AI integration.
Hormel Foods (NYSE: HRL) is rising 5.5% this morning after surpassing earnings estimates. However, the stock remains down 21% YTD.
Five Below (Nasdaq; FIVE) is up 3% today as the holiday shopping season gets underway and consumers seek deals.
Palantir (Nasdaq: PLTR) stock is meandering between positive and negative territory. ARK Invest recently lowered its holdings in the stock.
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