More than $90 billion in value wiped out from the popular ‘FANG’ tech stocks
FANG stocks are a basket of high-growth technology stocks — Facebook, Amazon, Netflix and Alphabet (formerly known as Google) that have led the bull run of the last 9 years.
Facebook, Amazon, Netflix and Alphabet shares all fell during the dramatic market decline Monday ranging from a drop of 2.8 percent to a 5.1 percent fall.
Alphabet was the biggest loser at $39.5 billion in value lost. The total stock value lost from FANG stocks was $90.7 billion.
Even after the sharp drops Monday, all the FANG stocks are up so far this year. Netflix is still up more than 30 percent year-to-date after its strong December quarter results, followed by Amazon’s 19 percent year-to-date gain.