Ouch! FAANG Stocks Shed $140 Billion In Tuesday’s Rout

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 — FacebookAmazonAppleNetflix 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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