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Posted: December 4, 2018
Category: NATIONAL HEADLINES
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FAANG stocks shed $140 billion in Tuesday's market rout





Tech stocks are back in correction territory after a painful day for public exchanges.

 

The tech-heavy Nasdaq Composite index fell nearly 4 percent, with tech stocks like Apple, Amazon, Alphabet and Facebook weighing most heavily.

In total, the so-called FAANG stocks — Facebook, Amazon, Apple, Netflix and Alphabet-owned Google — shed more than $140 billion in market value by the end of the trading Tuesday.


Here's how it shook out:

  • Facebook fell 2.2 percent, losing $7.6 billion in implied market value

  • Amazon fell 5.9 percent, losing $50.8 billion in implied market value

  • Apple fell 4.4 percent, losing $38.5 billion in implied market value

  • Netflix fell 5.2 percent, losing $6.5 billion in implied market value

  • Alphabet fell 4.8 percent, losing $37.5 billion in implied market value


The losses extend pain periods for Apple, which has seen downturn in recent weeks, and Facebook, which is suffering a down year on the heels of several scandals. Amazon and Netflix, though, are each up more than 40 percent year-to-date despite getting caught in the rout.

With Tuesday's losses, Alphabet is hanging onto modest year-to-date gains, up just 0.8 percent in 2018.



via CNBC https://ift.tt/2AMOm3Y

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