Stocks closed sharply lower Thursday as Meta and Microsoft fueled a rout in tech, while hotter inflation muddied the path for deeper Federal Reserve rate cuts.

Meta Platforms slumped more than 4% after it racked up fewer than expected users in Q3 and detailed plans to boost spending offsetting better-than-expected earnings and revenue. Uncertainty related to 2025 investment growth will likely limit near-term margin expectations despite the company’s 3Q beat.