Stocks fell on Thursday as a disappointing Facebook-parent Meta Platforms (FB  ) quarterly earnings report soured recent optimism in tech names. The tech-heavy Nasdaq fell over 3.7% and the S&P 500 slipped 2.4% lower, while the Dow Jones Industrial Average dropped over 500 points.

Here's how the market settled on Thursday:

S&P 500 Index (SPY  ): -2.44% or -112.08 points to 4,477.30

Dow Jones Industrial Average (DIA  ): -1.46% or -518.99 points to 35,110.34

Nasdaq Composite Index (QQQ  ): -3.74% or -538.73 points to 13,878.82

Facebook's Meta ends worst trading session ever down 26%:

Shares of Facebook-parent Meta closed down more than 26% on Thursday after the company issued weaker-than-expected revenue growth for its first quarter. The stock ended the trading day with its biggest one-day drop ever, topping the 19% plummet it saw in July 2018, shaving $230 billion off its market cap.

In its fourth quarter earnings released after market close on Wednesday, Meta forecasted first quarter revenue of $27 billion to $29 billion, well below the $30 billion analysts had expected.

Tesla issues another massive recall:

Tesla (TSLA  ) has issued another massive recall of 817,000 vehicles in the United States due to faulty seatbelt alerts. Recalls were made on some 2021-2022 Model S and Model X, 2017-2022 Model 3, and 2020-2022 Model Y electric vehicles.

The National Highway Traffic Safety Administration (NHTSA) said in a statement that Tesla's cars fail to comply with a federal motor vehicle safety standard on "Occupant Crash Protection" since the audible seatbelt alert does not activate.

Tesla is expected to perform an over-the-air (OTA) software update to fix the issue.

Jobless claims fell for a second straight week:

First-time jobless claims fell for a second straight week last week, declining from mid-January's Omicron-induced spike when claims totaled nearly 300,000.

Initial unemployment claims totaled 238,000 for the week ended Jan. 29, according to the U.S. Labor Department's latest print published Thursday, falling from the previous week's total of 261,000. Continuing jobless claims also declined for the week ended Jan. 22, falling to 1.628 million from the prior week's total of 1.672 million.

Here's how market benchmarks started trading soon after open:

S&P 500 Index: -1.46% or -66.95 points to 4,522.43

Dow Jones Industrial Average: -0.31% or -112.33 points to 35,517.10

Nasdaq Composite Index: -2.53% or -365.18 points to 14,052.37