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
-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.