Shares of social network Facebook (NASDAQ:FB) took a hit on Monday, falling as much as 8.8%. As of 1:56 p.m. EDT, however, the stock was down 6%.
The stock's decline on Monday was likely primarily driven by a sharp decline in the overall market as investors worried about the continued spread of the COVID-19 coronavirus and an oil price war launched by Saudi Arabia.
Highlighting the sharp drop in the overall stock market on Monday, the S&P 500 was down 6.9% as of 1:56 p.m. EDT. Facebook's pullback on Monday, therefore, was about in line with the market's sell-off.
Some Facebook investors might be worried that the tech company could see weaker-than-expected demand for its advertising products during Q1 amid uncertainty about the global economy.
When Facebook reported its fourth-quarter results in January, the social network guided for first-quarter revenue to grow at a year-over-year rate of about 20% to 24%. While this is notable growth, it would be down from 25% growth in Q4.