Wall Street falls as Facebook's forecast disrupts tech recovery

Big tech stocks such as Alphabet Inc and Microsoft Corp fell about 0.5% and 1.0%, respectively, while Amazon.com Inc, scheduled to report results later in the day, declined 6.3%

U.S. shares fell on Thursday, with the Nasdaq diving more than 2%, as Facebook-owner Meta Platforms' dour forecast jolted the broader tech sector and threatened to upend a nascent recovery in stock markets.

Meta shares sank 24.5% and were set for their biggest single-day decline ever, as the company blamed Apple's privacy changes and increased competition from rivals such as TikTok for its disappointing outlook.

The share slump is set to wipe out more than $200 billion from Meta's market cap, which would shave off about 0.9% from Nasdaq's market value and about 0.5% from S&P 500.

The tech-heavy Nasdaq fell 2.2% as