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A Perspective on the Recent Meltdown in FAANG Stocks
Tech stocks, which led the rally for much of the current stock market bull run, are also leading the market sell-off that’s occurred since the start of October.
The crème-la-crème of the tech space — Facebook, Inc. (NASDAQ: FB), Amazon.com, Inc. (NASDAQ: AMZN), Apple Inc. (NASDAQ: AAPL), Netflix, Inc. (NASDAQ: NFLX) and Alphabet Inc (NASDAQ: GOOGL) (NASDAQ: GOOG) — are collectively known as the FAANG group and have generated negative returns this fall, with Google and Facebook in the red for the year.
Bloodbath Trips Stocks Off Peaks
The group has lost a collective $1 trillion in market value since hitting their highs for the year, the Financial Times reported, quoting data from Bloomberg.
Both Apple and Amazon were the first to join the $1-trillion market cap club earlier this year, although both stocks dropped …
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