The US stock market dropped 500 points on Tuesday.
The FAANG stocks lost one trillion dollars in value.
CNBC reported:
The five “FAANG” stocks have collectively lost more than $1 trillion in market value from recent highs through Tuesday’s early trading.
The FAANG stocks — Facebook, Amazon, Apple, Netflix and Google-parent Alphabet — all fell again on Tuesday. Amazon, Apple and Netflix led the group’s losses, each falling more than 3 percent.
Combined market capitalization losses since their 52-week highs hit $1.02 trillion on Tuesday:
Facebook: $253 billion
Amazon: $280 billion
Apple: $253 billion
Netflix: $67 billion
Alphabet: $164 billion
Stuart Varney put partial blame on the Democrat Party and their anti-business policies.
Stuart Varney: I’ve got 5 negatives for the market.
** The Democrats won the House so you’re not going to get any new stimulus market.
** There’s a global slowdown
** There’s no good news coming from a trade agreement with China
** Goldman Sachs sees the economy slowing late next year
** You’ve got the tech bust
Via Varney and Co.:
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