Everything is selling off on Monday, and the so-called FANGs are getting hit hard.
Facebook, Amazon, Netflix and Google (i.e. Alphabet) were the four stocks that rallied sharply last year and helped keep the S&P 500 in positive territory.
But on Monday morning, as global markets sold off, these stocks are down sharply pre-market, with really no company-specific news on any of them. This follows a sell-off across the tech sector on Friday, as LinkedIn plunged 44% after weak earnings.
The four names are red year-to-date. And this early on in the year, it’s not looking like the FANGs, nicknamed by CNBC’s Jim Cramer, will give the stock market the same kind of momentum they did last year.
To recap their earnings from the most recent quarter, Facebook shares rose to an all-time high after slid results. Amazon’s earnings were not good. Netflix is still adding subscribers and pushing ahead with its international ambitions. And a rally in Alphabet shares briefly made the company the most valuable in the world by market capitalisation, ahead of Apple.
The sell-off in these four stocks is helping to pull the tech-heavy Nasdaq lower, and futures were down more than 2% or 93 points on Monday morning.
Disclosure: Jeff Bezos is an investor in Business Insider through hispersonal investment company Bezos Expeditions.
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