Carlos Barria/REUTERS
- US stocks were mixed at the open Thursday, while the Nasdaq surged 2%.
- Facebook parent Meta jumped on cost-cutting measures and a share buyback.
- On Wednesday, Fed Chair Jerome Powell said "the disinflationary process has started."
US stocks were mixed at the open Thursday, while the Nasdaq Composite added to strong gains a day earlier led by Mark Zuckerberg's Meta.
Tech stocks rallied, with Meta up 20% on news of cost cutting measures after a $13.7 billion loss on investments in its Reality Labs project. The company plans to significantly reduce spending and increased a stock buyback plan by $40 billion.