Meta Settlement and Nvidia Earnings Weigh on Stocks as Market Awaits Direction

The stock market edged lower today as investors digested the news of Meta's $17 billion settlement over child safety concerns and awaited Nvidia's earnings report.

Abercrombie & Fitch shares soared 36% after the retailer raised its full-year guidance following a second-quarter earnings beat. Meanwhile, Snap Inc.'s stock declined 9% due to a lawsuit filed by Pennsylvania's Attorney General over addictive features and child safety concerns.

Meta's settlement terms include default time limits for users under 18 on Facebook and Instagram, as well as more robust age checks and removal of users under 13. If TikTok and YouTube join the agreement, Meta's teenage time limit would drop to one hour.