Stock market live updates: Dow falls 150, Facebook is biggest loser, GDP not great - CNBC

The Facebook logo is displayed during the F8 Facebook Developers conference on April 30, 2019 in San Jose, California.

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9:49 am: Facebook loses $50 billion in market value

Shares of Facebook plummeted more than 8% on Thursday after the social media company's earnings failed to satisfy investors. Facebook lost more than $50 billion in market value as shares tanked, leaving the Mark Zuckerberg-led company with a market cap of about $584 billion. Facebook's full-year 2019 costs and expenses grew 51% year-over-year. Facebook also reported revenue growth of 24.7%, the fourth straight quarter that the company delivered sub-30% growth. —Fitzgerald

9:47 am: Bank stocks fall as rates slide and yield gap narrows

Financial names are under pressure as the benchmark 10-year Treasury yield dipped below 1.6% to its lowest level since October. Shares of Goldman Sachs slipped 0.4%, while Bank of America and Citigroup also fell. The spread between 10-year yield and three-month rate also narrowed to just two basis points. That part of the yield curve inverted briefly earlier in the session.—Li

9:30 am: Stocks open lower

The Dow opens lower by about 150 points. Dow and Goldman were the biggest losers in the average. S&P 500 falls a little over 0.5%. Facebook is the biggest loser in the broader benchmark.

9:14 am: Likely to be lots of red on the board

Looking at premarket trading on S&P 500 members, most of the index is likely to be in the red after the open, most notably Facebook and Apple. On the positive side, Microsoft is set to open up 3.8%. -Melloy

9:01 am: Personal consumption, bastion of US growth, decelerates in Q4

Growth in the amount everyday Americans spent on goods and services — long the engine of economic activity in the U.S. — fell sharply in the fourth quarter to 1.8% from more robust reads of 3.2% in the third quarter and 4.6% in the second quarter.GDP, the sum of all goods and services produced in the U.S., is typically fueled by household consumption, business investment, government spending and net exports. But consumption comprises more than two-thirds of the economy, so any signs that segment of GDP could be decelerating would have an outsized effect on overall growth. — Franck

8:54 am: Oil slides 2%, tracking for 7th negative session in 8

Oil prices were back in the red on Thursday as the threat of a coronavirus-induced economic slowdown continued to weigh on prices. Additionally, data from the U.S. Energy Information Administration on Wednesday showed a larger-than-expected build in U.S. inventory. At its session low, U.S. West Texas Intermediate hit $51.95, its lowest level since Oct. 10. International benchmark Brent crude touched $58.71, its lowest level since Oct. 15. Both contracts are now in bear market territory, and WTI is on pace for its seventh negative session in eight, and its fourth straight week of losses, the longest weekly losing streak since November 2018. —Stevens

8:50 am: Futures pare losses after GDP report

U.S. stock futures reduced some of their losses after the Commerce Department reported in-line growth for the economy in the fourth quarter. Dow Jones Industrial Average futures pointed to a loss of about 150 points. Earlier, the Dow was set to fall around 200 points. Yields also pared losses, with the 10-year yield trading at 1.571%. However, U.S. personal consumption moderated during the quarter. Annual U.S. GDP growth was also the weakest it has been in three years.

8:43 am: Bond market sends a recession signal

The bond market has shown investors are increasingly worried about a recession caused by China's fast-spreading coronavirus. The yield on the benchmark 10-year Treasury note dipped to about 1.5582%, falling below the 3-month rate briefly, inverting part of the yield curve that the Federal Reserve watches closely. The so-called yield curve inversion has been a strong sign since 1950 that a recession is coming in the next 12 months. "Some of this narrowing is certainly due to worries about the virus but also on the belief within the Treasury market that a growth inflection higher of note in 2020 is not going to happen," said Peter Boockvar, chief investment officer at Bleakley Advisory Group. —Li

8:30 am: US economy grew 2.1% to end 2019

The U.S. economy grew at its slowest pace since 2016 last year after notching a 2.1% climb in fourth-quarter GDP on an adjusted annual basis. The Commerce Department's report on gross domestic product — the value of all goods and services produced in the U.S. — came in largely as expected and matched the third quarter's growth rate. The government said that while exports increased and imports decreased, a boost to GDP, the pace of consumer spending slowed and business investment slumped for a third straight quarter. —Franck

8:08 am: Microsoft set for gains after strong earnings

Microsoft traded higher before the bell Thursday after the software giant reported better-than-expected quarterly profit and revenue Wednesday afternoon. Sales of $36.91 billion in the company's fiscal second quarter represented a climb of 14%, buoyed higher by growth in its Azure cloud segment and its Office 365 productivity suite. The stock was set to jump more than 3% based on premarket moves. —Franck

8:06 am: Coca-Cola jumps on earnings

Shares of Coca-Cola jumped nearly 2% in premarket trading after the company reported strong fourth-quarter earnings. The bright spot for the beverage company was worldwide organic revenue growth of 7%, compared to the estimate of 4.8% growth, according to Refinitiv. Coca-Cola's revenue came in at $9.085 billion, topping the forecast $8.888 billion. Earnings per share were in line with estimates at 44 cents. The company guided for 5% organic revenue growth in 2020. Coca-Cola CEO James Quincey told CNBC the Coke brand, especially Coke Zero, and Coke coffee, are driving this growth. —Fitzgerald

8:03 am: Coronavirus names sink, death toll rises

Shares of travel and tourism companies fell in premarket trading on Thursday as the threat of the Chinese coronavirus continued to weigh, with the death toll hitting 170 people. Cruise company Carnival tanked 6%, Norwegian Cruise Line fell 4.6% and Royal Caribbean slipped more than 5%. Casino companies that operate in Macau also tumbled with Las Vegas Sands down 1.8%, MGM Resorts down 2.3% and Wynn Resorts 1.8% lower. Airlines also slipped with United and American both down more than 1%. Delta ticked 1.7% lower. While the coronavirus remains an overhang for equities in the near-term, JPMorgan told clients the coronavirus narrative is expected to potentially yield a "surge to the upside." The firm said it's difficult to "envision any lasting fundamental impact or jeopardy to our 2021 forecasts." —Fitzgerald

7:59 am: Facebook tanks after reporting rising costs

7:56 am: Wall Street braces for first look at fourth-quarter GDP

Investors braced for the first look at how the U.S. economy fared in the fourth quarter. The latest figures on U.S. GDP are scheduled for release at 8:30 a.m. ET. Economists polled by Dow Jones expect the U.S. economy grew by 2.1% to end 2019. The data comes after the Federal Reserve said Wednesday the economy was growing at a "moderate rate" and kept interest rates unchanged. —Imbert

7:53 am: Dow futures indicate 200-point drop as coronavirus fears mount

Stocks were headed for another day of steep losses on Thursday as the death toll from the coronavirus keeps rising in China, raising fears about a possible global economic slowdown. Dow Jones Industrial Average futures indicated a drop of 200 points. S&P 500 and Nasdaq 100 futures also pointed to sharp losses at the open. China's National Health Commission confirmed Thursday that the death toll has hit 170, with confirmed cases of the virus surpassing 7,700. Futures were also under pressure amid a sharp drop in Facebook shares. —Imbert

— With reporting from Tom Franck, Pippa Stevens, John Melloy.

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