via CNBC:
- The tech-heavy Nasdaq Composite index fell nearly 4 percent.
- The losses extend pain periods for Apple and Facebook.
- Amazon and Netflix are each up more than 40 percent year-to-date and getting caught in the 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.
We’re bullish long-term on Apple stock, says Michael Bapis from CNBC.
In total, the so-called FAANG stocks — Facebook, Amazon, Apple, Netflix and Alphabet-owned Google — shed more than $140 billionin 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
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