Major US Tech Stocks Lose A trillion
The five “FAANG” stocks collectively lost more than $1 trillion in market value from recent highs as shares dropped after Tuesday’s open, US time.
The stocks – Facebook, Amazon, Apple, Netflix and Google-parent Alphabet – all began trading lower. Apple led the group’s losses, falling as much as four percent.
The four other stocks later turned around, each going slightly positive on the day.
Combined market capitalisation losses since their 52-week highs hit $1.02 trillion. They included Facebook, $253 billion; Amazon, $280 billion; Apple, $253 billion; Netflix, $67 billion and Alphabet, $164 billion.