STOCK MARKET SLIDES: Tech FAANG Stocks Lose $1 Trillion in Market Value — Stuart Varney Puts Partial Blame on Democrats
The US stock market dropped 500 points on Tuesday.
The FAANG stocks lost one trillion dollars in value.
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.: