Investors in Meta Platforms (NASDAQ: META) were in the red on Thursday. Shares of the social media giant were down 4% by 3 p.m. ET today, compared to a 0.7% drop in the S 500. Yet the stock is still absolutely trouncing the market so far in 2023, up 153% while the wider market is 18% higher.

The tech-heavy Nasdaq Composite Index was down nearly 3% by early afternoon, likely pressuring Meta's stock. But Thursday's decline also came as investors became more cautious about earnings season, including Meta's report that is set to arrive in just a few days.

It wasn't a great start to earnings season for a few popular growth stocks. Tesla shares were down 9% following its second-quarter announcement. And Netflix stock fell by about the same amount Thursday after the company said its new advertising business would take a while before it begins having a material impact on sales.

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Source Fool.com