The Nasdaq Composite is down about 32% since it hit a record close on Nov. 19, with the FAANG stocks all in the red, per Dow Jones Market Data
A round of disappointing tech-stock earnings, including Wednesday afternoon’s miss from Meta Platforms, pulled down internet stocks and the Nasdaq Thursday.
Tweet on Tech stocks fall out
The Nasdaq Composite is down about 32% since it hit a record close on Nov. 19
The FAANG stocks all in the red, per Dow Jones Market Data:
-Apple: Down 9%
-Alphabet: Down 37%
-Amazon.com: Down 38%
-Netflix: Down 55%
-Meta: Down 71%
*Meta’s shares plunged today 22% pic.twitter.com/0sJg5I6YBo
— The_Journalbiz (@the_journalbiz) October 27, 2022
FactSet: indicator of FAANG stocks
Here is a look at the damage:
Earnings from tech giants Apple and Amazon are due after the close. Apple shares are down 1.9%, while Amazon shares are down 3.5%.
Wall Street expects record revenue from Apple, though investors will be watching for signs of slowing demand for the company’s products.
Analysts surveyed by FactSet expect Amazon to record a profit of $2.2 billion. That would mark a 32% decline from a year earlier but an improvement after two consecutive quarters of losses.
Among the exceptions:
Twitter shares are rising as banks begin to move the cash needed for Elon Musk to close his planned acquisition of the company. Mr. Musk vowed that Twitter won’t be a “free-for-all hellscape” under his ownership in a message to advertisers on Thursday.
Shares of Snap and Pinterest are down 1.5% and 1.2%, respectively. Both stocks sold off last week.
Meanwhile, Meta Platforms is down 24%. Google parent Alphabet and Microsoft also sold off after posting weak results earlier this week.
The latest declines extend a stunning downfall for tech stocks in general that has worsened throughout the year.