Meta slides to near one-month low, underperforming Magnificent 7 peers
META•Meta fell 2% to $695.11, its lowest level in roughly a month, and was the only decliner among the Magnificent 7. Shares were down about 9% over four sessions ahead of Wednesday’s third-quarter results.
1. Shares extend losses
Meta fell 2% to $695.11, its lowest level in roughly a month, and was on course for a fourth consecutive day of losses. The stock had dropped around 9% over the previous four sessions and was the only decliner among the Magnificent 7.
2. AI and rate concerns
Elevated Treasury yields and Federal Reserve rate-hike concerns have weighed on AI hyperscalers by threatening to raise borrowing costs and slow data center buildout. Meta’s launch of two Muse Wonder AI agents briefly helped sentiment before investor enthusiasm waned.
3. Target raised ahead of results
Morgan Stanley raised its price target for Meta to $820 from $775, saying AI agent adoption could keep compute demand and capital spending. Meta was up 5.62% year to date, compared with the Nasdaq-100 index’s 17.24% gain, ahead of its third-quarter results on Wednesday.
