FAANG Stocks Are Getting Knocked Again
- ‘It’s Done’, portfolio manager says of momentum rally
- Square falls 10%, Salesforce drops 7% as sell-off deepens
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The biggest stocks in the technology and the internet sectors resumed their descent Monday, the latest example of heavy volatility hitting the industries as a darker outlook for growth pushed investors to further step back from the one-time trading favorites.
The so-called FAANG stocks were among the biggest decliners of the day. Facebook Inc. fell as much as 5.9 percent to the lowest since February 2017, while Netflix Inc. shed 6 percent intraday. Amazon.com Inc. was off as much as 5.3 percent and Google-parent Alphabet Inc. dropped 3.9 percent.