STORY: U.S. stocks were lower for a fourth straight session on Thursday as economic data did little to change investors' perceptions that the Federal Reserve would continue raising interest rates for longer than previously thought.
The climb in yields weighed on megacap growth companies such as Apple Inc and Alphabet Inc. This in turn pulled down the technology and communication services sectors as the worst-performing on the session.
Meta has lost more than $800 billion in market value so far this year. Its shares were trading at $89.50 on Thursday, their lowest since August 2015.
"At every historical cycle, advertising goes down in a difficult environment," said Miller. "So I think some of the retreat for Meta is justified because advertising spending will go down."