After Meta Platforms released its first-quarter earnings report, its stock plummeted, dropping more than 10% on the day. According to the Kobeissi Letter, this decline is on track to mark Meta Platforms' largest single-day drop since October 2025, wiping out approximately $175 billion in market value.
This sell-off also caught the attention of WatcherGuru, reporting that Meta's market capitalization has declined by approximately $175 billion. Notably, analysis firm Barchart noted that Meta's stock price has fallen below its 200-day moving average. Meanwhile, traders are closely monitoring GraniteShares' 2x Long Meta Daily ETF (FBL), as the stock's intraday volatility has intensified.
A selling spree on the Meta platform followed the earnings report.
Following the release of Meta's earnings report, its stock experienced one of its steepest single-day declines in several months. The Kobeissi Letter noted that the stock dropped more than 10% on the day, with charts showing that after a sharp intraday decline, META's price briefly approached the $600 level.
The chart published by Kobeissi shows the stock price suddenly dropping from above $660 to $600.33. Prior to this, the stock had been in a consolidation phase earlier in the trading session, after which sellers pushed the price down rapidly.
Source:X
Barchart also reported that Meta's stock faced pressure, with a market cap loss of approximately $170 billion. However, the mainstream view is that the company's total market cap declined by about $175 billion following the first-quarter earnings release.
Notably, Meta's stock price had approached a high of $600 earlier in the day before declining. This sharp drop has moved the price away from that level, and in the short term, market focus is on whether buyers can defend the $600 area.
Analyst chart breaks through key moving average
Analyst Barchart’s daily chart shows that, following a sell-off triggered by earnings results, META’s stock price fell below its 200-day moving average. The chart indicates that the 200-day moving average is near $670, while the stock price dipped to just above $600 during its decline.
This breakout marks a technical shift, as the 200-day moving average is typically a key trend reference for large-cap stocks. However, the chart only shows a price breakout and does not confirm any change in the long-term trend.
Source:X
The five-minute chart shared by Barchart shows that after approaching $670, the stock formed a large bearish candle, followed by a decline. After the first drop, META entered a lower range and then attempted a partial rebound near the $605 level.
Additionally, the same intraday chart shows a significant increase in trading volume during the sell-off. The subsequent candlestick chart shows that META's stock price traded near $616.91, still well below the level prior to the earnings release.
FBL data attracts trader attention
Barchart also reported that investors have recommended the 2x Long META Daily ETF (ticker: FBL) following another intraday volatility surge by META, as GraniteShares has released a chart on GraniteShares. The post states that this product provides traders with increased daily exposure to capitalize on META's momentum.
According to GraniteShares, FBL seeks daily investment results that are twice the daily percentage change of Meta Platforms' common stock. The fund does not guarantee that it will achieve its objective.
GraniteShares also noted that FBL should not be expected to provide twice the cumulative return of META over periods longer than one day. This structure makes the product more focused on daily volatility rather than longer-term holding.
The fund's summary overview indicates that its underlying stock is Meta Platforms, with a leverage ratio of 2x. As of April 29, 2026, FBL's net asset value was $30.8957, its closing price was $30.9900, its premium rate was 0.31%, and its net annual expense ratio was 1.09%.
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