Meta Platforms Inc. (META, Financial), the parent company of Facebook, saw its stock decline by 4.1%. This drop has turned its year-to-date performance negative, with shares now down approximately 0.9%. Earlier in the year, the stock had surged by about 26% but has since fallen over 20% from its February peak. The broader tech sector, including the seven major U.S. tech companies, has experienced declines this year.
The Nasdaq 100 index also fell by 1.6%, as tech stocks have been under significant selling pressure. The sector is grappling with uncertainties surrounding the economic outlook and doubts about the direction of artificial intelligence-related trades. These factors have contributed to tech stocks reaching their lowest levels in months, with cautious buyers hesitant to step in.
Adding to the pressure on Meta, KeyBanc Capital Markets analyst Justin Patterson recently revised his price target for the company, lowering it from $750 to $710. This adjustment reflects the current challenges facing the tech giant and the broader industry.
