Nasdaq's afternoon tumble puts it on track for worst day in over a month as FAANG stocks take a beating

The Nasdaq Composite Index late-afternoon Friday was on track to post its worst daily drop in over a month, as widely held and popular technology and internet-related bets slumped. The Nasdaq was down 1.7%, at last check, at 7,716, which would mark its steepest one-day tumble since June 25, when it fell 2.1%, according to FactSet data. A decline in the so-called FAANG stocks comprising Facebook FB, -1.25% Amazon.com Inc. AMZN, +0.75% Apple AAPL, -1.14% Netflix NFLX, -1.67% and Google holding company Alphabet GOOG, -2.05% GOOGL, -2.27% were mostly falling, (with the exception of Amazon, up 0.4%) on the day. That decline has weighed on the broader market, with the heft of those giants having contributed to much of the market’s enthusiasm and march higher. The move lower comes after Facebook posted quarterly results that disappointed and as Twitter Inc. TWTR, -18.75% also delivered results that came in weaker than expected on Friday. Meanwhile, the Dow Jones Industrial Average DJIA, -0.25% was down about 0.5%, and the S&P 500 index SPX, -0.61% shed 0.8%, weighed by the drop in the technology sector XLK, -1.52%

Read More Here...

Bookmark the permalink.