[ad_1]
The stock market strongly bit the FAANG Wednesday.
Together, the five major technology companies – Facebook, Apple, Amazon, Netflix and Google – lost 172 billion dollars in a few hours on Wednesday, in a context of sharp decline in the market. That's about the same amount as Toyota's entire market capitalization – and that equates to the dollar value of all of Algeria's gross domestic product. In terms of lost value, Amazon was the big loser of the group. Its shares fell 6% Wednesday, spraying $ 56 billion of its market capitalization. Apple was next; it lost nearly $ 51 billion on a fall of 4.6%, which is $ 6 billion higher than the total value of General Motors.
But Netflix was the biggest loser in percentage. Its shares fell 8%, losing about $ 13 billion.
Facebook, which had its share of problems recently, dropped by 4% and lost $ 15.7 billion in market value. And Google's 4.6% drop left its market capitalization lower by $ 36.7 billion.
The decline came amid a strong sell on the market. The S & P 500 fell 3.3%, the Dow Jones Industrial Average, 3.2%, and the Nasdaq, very technology-driven, fell 4.1%. The decline in the Dow was the largest since February, while that of Nasdaq was the largest in more than two years.
Last week (that is, since October 3), FAANG shares lost $ 303.7 billion in market value.
Wednesday's sale appears to have been prompted by concerns about global growth and trade disputes.
Source link
