The FANGs are getting crushed (FB, NFLX, GOOGL, AMZN)
Everything is selling off on Monday, and the so-called FANGs are getting hit hard.
Facebook, Amazon, Netflix, and Google (that is, Alphabet) were four of the best-performing tech stocks that helped keep the S&P 500 in positive territory last year.
But as global markets sold off on Monday morning, these stocks were down sharply in premarket trading, even with little company-specific news on any of them. This follows a sell-off across the tech sector on Friday as LinkedIn plunged 44% after weak earnings and Tableau Software lost about half its value.
The FANGs are red year to date, as is the broader stock market. And so far it's not looking as if the FANGs, nicknamed by CNBC's Jim Cramer, will give the stock market the same momentum they did last year.
To recap their recent earnings results from the fourth quarter: Facebook shares rose to an all-time high after solid results. Amazon's results disappointed. Netflix added fewer US subscribers than it forecast amid a push to realize its international ambitions. And a rally in Alphabet shares briefly made the company the most valuable in the world by market capitalization, ahead of Apple.
The sell-off in these four stocks is helping to pull the tech-heavy Nasdaq lower, and futures were down more than 2%, or 93 points, on Monday morning.
Here's Facebook:
Amazon:
Netflix:
And Alphabet:
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