Meta slides to near one-month low, underperforming Magnificent 7 peers
BUZZ-Meta slides to near one-month low, underperforming Magnificent 7 peers ** AI hyperscaler Meta Platforms META.O declines 2% to $695.11, hitting its lowest level in roughly a month
** Co the only decliner among the Magnificent 7 stocks and is on course for fourth consecutive day in negative territory
** Stock has lost around 9% in the last four sessions, putting it on a weaker footing ahead of its third-quarter results on Wednesday
** 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 had briefly helped sentiment before investor enthusiasm waned
** Still, Morgan Stanley raises META price target to $820 from $775, says AI agent adoption could keep compute demand and capital spending
** Including session's move, META up 5.62% YTD compared to Nasdaq-100 .NDX index's 17.24% gain
(Reporting by Jayasree Prabhu)
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