US Stocks Slip as Meta Settles with States Over Child Safety
The US stock market took a minor dip on August 26, with the S&P 500 and Nasdaq Composite falling 0.04% and 0.08%, respectively. The Dow Jones Industrial Average dropped 0.21%, snapping its three-day winning streak.
Abercrombie & Fitch saw its shares soar 36% after raising its full-year guidance on strong second-quarter earnings, while Meta Platforms' stock remained largely flat following a $17 billion settlement with dozens of states over child safety concerns.
The settlement requires Meta to implement stricter age checks and limits on user interaction for users under 18 across Facebook and Instagram. If TikTok and YouTube join the agreement, Meta's teenage time limit would be reduced to one hour.
Nvidia is set to report its earnings after the bell, with shares currently up 5% due to strong sales growth of 106% and EPS growth of 128%. CEO Jensen Huang attributed the company's success to the 'AI infrastructure build-out', which he said was at full steam.