What's Ailing Tech? Investors Don't Wait to Find Out
- Investors yank $2.5 billion from biggest tech fund this week
- Nasdaq 100 down more than 4 percent on Facebook, China news
Will Facebook Fallout Spread to FANG Stocks?
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The rout in technology shares picked up steam Thursday, as renewed woes at Facebook Inc. and the threat of Chinese trade actions against the industry sent the Nasdaq 100 Index to its steepest loss in six weeks.
Facebook renewed its slide as the controversy over its handling of user data prompted calls for the Chief Executive Mark Zuckerberg to appear before lawmakers. The sector was buffeted by fears of a trade war with China after President Donald Trump slapped tariffs on $50 billion of goods. The Federal Reserve’s decision on Wednesday to raise rates and possibly accelerate the pace of tightening also has investors on edge.