QQQ - Nasdaq S&P 500 Dow Jones falls as Meta weighs; yields grind higher

The stock market is falling as Wall Street grapples with the unprecented move of a megacap stock losing a fifth of its value. The Nasdaq (COMP.IND) -2.6% is the big decliner as Meta tumbles following its earnings report. Meta is the fourth-biggest component in the Nasdaq 100 (NDX) -3% with a weighting of 5%. The selloff is erasing about $200B in market cap, nearly the whole market cap of Netflix. The S&P (SP500) -1.5% is also feeling the impact, with the Communication Services sector off 5% due to Meta and the collateral damage on other social media plays.   The Dow (DJI) -0.4% is spared from the Meta effect.   Rates are moving higher now following a hawkish tilt from the Bank of England, which raised rates 25 basis points and saw four of nine votes for a 50-basis-point hike. Treasuries sold off along with Gilts after the decision.   But the Treasury yield curve is steepening after

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Nasdaq, S&P 500, Dow Jones falls as Meta weighs; yields grind higher