Why Meta Platforms Stock Is Falling Today

Shares of several companies in the broader technology sector, including Meta Platforms Inc FB, are trading lower amid overall market weakness as growing COVID-19 concerns and omicron variant uncertainty weigh on market sentiment.

The COVID-19 omicron variant has now been detected in at least 45 U.S. states and nearly 80% of ICU beds are full across the country.

The U.S. is now reportedly averaging about 130,000 new COVID-19 cases each day, representing about a 10% increase compared to last week.

Health officials have warned that the surge in COVID-19 cases could continue as people begin traveling for the holidays due to the omicron variant's heightened transmissibility.

See Also: Why Moderna Shares Are Rising Today

Meta Platforms, formerly Facebook, operates the world's largest online social network, with 2.5 billion monthly active users. Users engage with each other by exchanging messages and sharing news events, photos and videos.

FB Price Action: Meta Platforms has traded as high as $384.33 and as low as $244.61 over a 52-week period.

The stock was down 2.81% at $324.46 at time of publication.

Photo: LoboStudioHamburg from Pixabay.