Can Meta Platforms' results steady technology shares after a bruising week?

When does Meta report, and what is at stake?

Meta Platforms (Nasdaq: META) is scheduled to report quarterly results after the U.S. stock market closes on Wednesday, Oct. 21. Tesla and IBM report the same evening.

Why it matters: An earnings report lays out a company's sales and profit for the latest quarter. Managers often add a view of what they expect next. That outlook can move a stock alongside the results themselves.

By the numbers: Meta heads into the report with a market value of $1.9 trillion. Its shares closed Friday at $709.33. That size places it among the most valuable U.S.-listed companies.

How did Meta's shares trade last week?

Meta's shares slid 1.3% over the week that ended Friday, Oct. 16. The weekly figure hides large daily swings.

The stock gained 3.4% on Monday and jumped 2.6% on Tuesday. It then tumbled 3.3% on Wednesday and edged down 0.1% on Thursday.

On Friday the shares tumbled 3.7%, giving back more ground before the report. Moves of that kind show how quickly the mood around the stock shifted in the days before its results.

Where did the selling show up?

The pressure reached well beyond Meta. The technology sector fund, which holds large tech companies, tumbled 7.7% over the week. The Nasdaq-100, an index of the largest Nasdaq-listed companies that leans heavily on tech, tumbled 5.5%.

Friday was hard on the group. The Nasdaq-100 slid 2.5% that day, and the technology sector fund tumbled 3.0%. The communication services sector fund slid 1.9%.

Other parts of the market held up better. On Friday the energy sector fund jumped 2.5%, the utilities fund rose 1.3% and the consumer staples fund rose 1.1%. The Dow Jones Industrial Average rose 0.7% for the week. The S&P 500 slid 1.9%.

Bond yields did not add to the strain. The 10-year Treasury yield, the rate the U.S. government pays on its 10-year debt, slid 15 basis points over the week to 5.09%. Lower yields often make future profits look more valuable, which tends to help tech shares. Last week, tech fell anyway.

What could the results change for the shares?

Stronger sales or a confident outlook could lift Meta's shares. Such a report might also help steady technology stocks after last week's losses.

Weaker results or a cautious outlook could extend the slide. A mixed report might leave the shares swinging in after-hours trading. That is the thinner session after the main market closes, when fewer trades mean prices can move sharply.

Tesla's results the same evening add another variable. They could push technology shares in the same direction as Meta's report or against it. IBM also reports that evening.

None of these outcomes is certain. A falling share price before a report does not reveal what the report will contain.

What else is on the calendar?

Meta's report is not the only checkpoint ahead. The Federal Reserve announces its interest-rate decision on Oct. 28 at 2 p.m. ET, followed by the chair's press conference.

On Oct. 29 at 8:30 a.m. ET, the government publishes an estimate of third-quarter economic growth. September income and spending data, including the inflation gauge the Fed watches, come out at the same time. The October jobs report follows on Nov. 6.

Rates matter for technology shares because much of their value rests on profits expected years from now. The 10-year yield has risen 91 basis points this year, even after last week's decline. The Nasdaq-100 has still gained 15.6% this year despite last week's losses.