The "Magnificent Seven" -- Apple, Microsoft, Nvidia, Alphabet (NASDAQ: GOOGL) (NASDAQ: GOOG), Amazon, Meta Platforms (NASDAQ: META), and Tesla -- have captured the spotlight this earnings season. And for good reason -- the group has been instrumental in leading the market higher in 2023 and 2024.

After blowing analyst earnings estimates out of the water, Meta Platforms surged as high as 11% on Aug. 1 -- only to give up most of those gains by close on Aug. 2 as a widespread sell-off in mega-cap growth stocks rippled through markets.

A weak unemployment report and Amazon's disappointing guidance were some of the catalysts driving the broader market sell-off. And although some investors may be tempted to buy the dip on Amazon, Meta looks like an even better growth stock to buy now.

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Source Fool.com