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Megacap FAANG Bloc Collapses as Growth Stocks Lead Sell-Off

  • Facebook, Netflix on track for biggest drop in two weeks
  • Amazon and Alphabet report third-quarter earnings on Thursday
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Seasonality to Blame for Equity Selloff, Janus Henderson's Crooke Says

Shares of large-cap technology and internet stocks sank as investors fretted that a weaker outlook could make it harder to justify prices that are seen as elevated.

The so-called FAANG group of stocks, which refers to a quintet of high-growth names that have powered the market higher for much of 2018, saw pronounced weakness on Wednesday and were among the biggest drags to the overall market. Facebook Inc. dropped 3.6 percent while Netflix Inc. lost 7.1 percent; both were poised for their biggest one-day percentage loss in two weeks.