FAANG stocks are under pressure

  • Shares of the biggest tech stocks fell on Friday.
  • This follows the broader stock market’s dip after President Donald Trump’s announcement that he would impose tariffs on aluminium and steel.

The so-called FAANG stocks – Facebook,Apple,Amazon,Netflix and Alphabet‘s Google – were all in the red on Friday morning.

The stock market opened on shaky footing, a day after an announcement by President Donald Trump that the US would impose tariffs on steel and aluminium next week sent shares in the major indices tumbling.

Here’s how the individual FAANG stocks were doing this morning:

  • Facebook-1.35% at $US173.57 per share
  • Apple-0.65% at $US173.87 per share
  • Amazon-1.71% at $US1,467.22 per share
  • Netflix-2.07% at 284.37 per share
  • Alphabet(Google) -1.48% at $US1,055.40 per share

Trump’s move has raised the spectre of a trade war and shook domestic companies that relied on steel and aluminium such as automakers, manufacturers, and beer producers, which were hit hard on the news.

The FAANG stocks could not escape the selloff in the broader market Thursday, seeing $US56.41 billion wiped away from their market caps.