Tech’s ‘FAANG’ stocks have lost more than $1 trillion from highs
The five “FAANG” stocks collectively lost more than $1 trillion in market value from recent highs as shares dropped after Tuesday’s open.
The stocks — Facebook, Amazon, Apple, Netflix and Google-parent Alphabet — all began Tuesday trading lower. Apple led the group’s losses, falling as much as 4 percent. The four other stocks later turned around, each going slightly positive on the day.
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.