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Megacap Tech Disappoints Market Where Nothing’s Good Enough

  • Apple plunges after iPhone sales miss estimates last quarter
  • Amazon, Facebook, Alphabet and Twitter also reported results
Logos Of FAANG Tech Companies
Photographer: Jason Alden/Bloomberg
Updated on

Solid quarterly earnings from America’s biggest tech firms weren’t enough to keep investors from selling late Thursday, the latest sign sentiment is turning against ultra-expensive digital megacaps.

Futures on the S&P 500 were down 1.4% as of 8:25 a.m. in London, after falling as much as 2.3%, while Nasdaq contracts were down 2%. Stocks had rebounded from the worst selloff in four months during the cash session ahead of the slate of megacap results.