What happened

Facebook (META 2.67%) shareholders trailed a declining market in September. Their stock fell 11% compared to the S&P 500's 3.9% drop, according to data provided by S&P Global Market Intelligence.

That decline didn't put much of dent in the social media giant's recent returns, though, as shares remain higher by over 30% in 2020 while the broader market is up roughly 4%.

A young woman checks her phone while shopping.

Image source: Getty Images.

So what

After jumping in the prior month, Facebook was caught up in a broader pullback for tech giants that included heavyweights like Apple, Amazon, and Netflix. Each of these stocks underperformed the market last month but is beating the S&P 500 so far in 2020.

^SPX Chart

^SPX data by YCharts

Investors had some other reasons to worry about the business last month, too, including regulatory skirmishes with the European Union and Facebook's controversial media role in an election year. Yet the most likely driver behind last month's stock price decline was weaker Wall Street excitement for big tech leaders in general.

Now what

Facebook shares might continue to drift along with the other FAANG stocks, at least until the company announces fiscal third-quarter earnings in the coming weeks. That report should be out around Oct. 30, and investors are expecting to see double-digit sales growth as usage continued to flow into its social media empire in Q3.