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Facebook Slips After Biden Accuses it of Killing with Vaccine Misinformation

Facebook Slips After Biden Accuses it of Killing with Vaccine Misinformation

19 Jul 2021

Facebook (NASDAQ:FB) is trading down 0.96% at 341.16

Facebook (NASDAQ:FB) stock was trading 0.4% lower in Monday’s premarket trading after U.S. President Joe Biden accused it of “killing people” by allowing the spread of misinformation about Covid-19 vaccines on its social network.

“The only pandemic we have is among the unvaccinated. And they’re killing people,” he said when asked about companies like Facebook.

Biden’s comments express an increasing frustration with social media companies, which his administration blames for slowing the pace of vaccination in many states, allowing the Covid-19 a fresh foothold in the country. Vaccination has almost ground to a halt in Republican heartlands of the South and Midwest, where the population remains broadly sceptical of most Democratic Party policy.

Already on Thursday, U.S. Surgeon General Vivek Murthy accused the social media companies of not doing enough to curb misinformation around vaccines. He and other administration officials are concerned that the networks provide platforms to anti-vaxxers to spread falsehoods about vaccines when scientific evidence points overwhelmingly to their effectiveness in curbing the spread of the virus and saving lives.

On technical fronts Facebook (NASDAQ:FB) RSI stood at 48.44 and currently stock is trading below 5 and 20 days MA and Above 50 days Moving Average. So, SELL position can be taken with following target and stoploss:

TRADE SIGNAL – : Facebook (NASDAQ:FB) – SELL: 341.16, TARGET: 338.19, STOP LOSS : 346.00