Tech’s ‘FAANG’ stocks have lost more than $1 trillion

Facebook, Amazon, Apple, Netflix and Google-parent Alphabet

The five “FAANG” stocks collectively lost more than $1 trillion in market value from recent highs on an intraday basis Tuesday. The stocks — Facebook, Amazon, Apple, Netflix and Google-parent Alphabet — all began Tuesday trading lower. Apple led the group’s losses, falling 4.8 percent. The four other stocks later turned around, with Facebook and Alphabet ending the day higher.

Combined market capitalization losses since their 52-week highs hit $1.02 trillion on Tuesday:

  • Facebook: $253 billion
  • Amazon: $280 billion
  • Apple: $253 billion
  • Netflix: $67 billion
  • Alphabet: $164 billion

The five tech growth stocks, which were the favorite investments for the past decade, each closed in a bear market on Monday. Wall Street defines a bear market as a fall of 20 percent or more from a stock’s 52-week high.

https://www.cnbc.com