Crowd Favorites Strike Out in Opening Day Rout as Banks Sell Off
- So-called FANG stocks tumble 3.6 percent to lowest in 2 weeks
- All but four stocks in 87-member financial group retreat
A Closer Look at the Carnage in World Markets
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It’s hard to imagine more beloved U.S. stock trades at the start of 2016 than going long bank and technology companies. Or, for now, a more painful one.
Shares of financial and information-technology companies in the Standard & Poor’s 500 Index tumbled as much as 3.1 percent, their biggest losses in four months, as another China-induced rout spread through U.S. equities. Financials closed down 2.1 percent, the most in the index, while tech stocks recouped about half of their losses to end 1.6 percent lower. Confidence cratered and investors turned skittish about the most economically sensitive long bets amid renewed concerns of slower global growth.