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FAANG shares (Facebook, Amazon, Apple, Netflix, and Google Alphabet, parent company) have been steadily declining over the last 6 weeks, with companies posting disappointing results and mixed forecasts.
Facebook in particular has been hit hard during this sales series, falling to a new low for the year after a host of negative publicity surrounding its management of foreign influence over the 2016 election. the five stocks have lost nearly $ 1 trillion since their respective peak of 52 weeks.
Technology stocks are down in October. The Nasdaq Composite plunged 9.2%, its biggest drop in a month since November 2008.
Wall Street defines a bear market as a fall of 20% or more from the highest of its stocks for 52 weeks.
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