Meta Platforms (META) saw an early morning surge that briefly pushed the mega-cap stock above its 50-, 100-, and 200-day moving averages. The initial pop lifted shares by more than 6% following a report that CEO Mark Zuckerberg plans to scale back metaverse projects by up to 30%.
This marks a notable rebound, as Meta had last closed above its 50-day moving average on October 29, before sliding lower in the wake of its most recent earnings report. Currently, the stock is hovering near its 50-day moving average, appearing to hold just below this key momentum level.
Within the broader Magnificent Seven group of mega-cap tech names, only Alphabet (GOOG)(GOOGL), Apple (AAPL), and Tesla (TSLA) are trading above their respective 50-day moving averages. In contrast, Nvidia (NVDA), Microsoft (MSFT), Amazon (AMZN), and Meta Platforms (META) remain below this important technical threshold, reflecting ongoing pressure despite intermittent rebounds.
Market participants will be closely watching whether META can sustain momentum above its 50-day line, a critical indicator for potential near-term recovery, while the rest of the group continues to navigate mixed technical signals amid a recent broader tech market rally that now has the Nasdaq Composite (COMP:IND) just 2.4% away from its all-time trading high.
Additional Data on META
- 1-Month: +4.2%
- 6-Month: -0.2%
- Year-to-Date: +13.6%
- SA Quant Rating: 3.31
- SA Analyst Rating: 4.05
- Wall Street Rating: 4.61
Magnificent Seven Focused ETFs: (MAGS), (MAGX), (QQQU), and (QQQD).