Stocks are tumbling as Tencent's brutal earnings report reminds traders of Facebook's growth woes

Markets Insider

• US stocks tumbled Wednesday after Chinese tech giant Tencent reported its first profit decline in almost 13 years, putting pressure on the US tech sector.
• Investors are watching tech especially closely for signs of a growth slowdown after Facebook said it had peaked for the year during a disastrous earnings report.
• Follow the tech-heavy Nasdaq 100 index.

US stocks tumbled Wednesday after Chinese tech giant Tencent reported its first profit decline in almost 13 years, putting pressure on the mega-cap US tech firms that have led the market higher in recent months.

Tencent's earnings shock is likely reminding investors of Facebook's similarly jarring quarterly report from late July, when the company missed revenue targets and predicted slowing future growth.See the rest of the story at Business Insider

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