FANG group lost $200 billion in two sessions

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FANG group lost $200 billion in two sessions

October 30, 2018 - 09:55
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Facebook, Amazon.com, Netflix and Alphabet (Google) were in the center of volatile trading session on the US stock market, Reuters reports. As a result of trading, so-called FANG group lost $200 billion of its market value.

Photo © Gerd Altmann, CC0 1.0

Facebook, Amazon.com, Netflix and Alphabet (Google) were in the center of volatile trading session on the US stock market, Reuters reports. As a result of trading, so-called FANG group lost $200 billion of its market value.

Shares of those companies are down from 14% to 24% in October, and this tells about problems with the most popular stocks on Wall Street.

Total capitalization of FANG fell from record $2,5 trillion in July to $1,93 trillion on Monday.

The last catalyst for decline were quarterly results from Amazon.com, which did not meet economists’ expectations. Now investors are waiting for Facebook’s results that will be issued on Tuesday. Even though the company will show revenue gains, investors are concerned about the reputation of Facebook that suffered a lot recently.