The five "FAANG" stocks have collectively lost $945 billion in value from recent highs as of Monday's close and are set to lose even more on Tuesday.
The FAANG stocks — Facebook, Amazon, Apple, Netflix and Google-parent Alphabet — were all trading more than 1 percent lower in premarket trading Tuesday. The five tech growth stocks each closed in a bear market on Monday. Wall Street defines a bear market as a fall of 20 percent or more from a stock's 52-week high.
Market capitalization losses since their 52-week highs:
- Facebook: $250 billion
- Amazon: $255 billion
- Apple: $222 billion
- Netflix: $63 billion
- Alphabet: $155 billion
Goldman Sachs slashed its Apple price target on Tuesday. The firm said in a note there is a "weakness in demand for Apple's products in China and other emerging markets," as well as a disappointing reception for the iPhone XR model.
Facebook shares have slid 40 percent from their highs, as the company has been the hardest hit of the FAANG stocks. A bevy of negative publicity has come since this summer, especially focused on top Facebook executives' handling of foreign influence on the 2016 U.S. election.
Amazon shares continue a fall begun when it gave a fourth-quarter outlook on Oct. 25 which was much lower than expected. Netflix and Alphabet shares, meanwhile, have largely fallen in lockstep with the rest of the FAANG stocks.
Facebook and Alphabet each hit their 52-week highs in July, at $218.62 a share and $1291.44 a share, respectively. Netflix peaked in June at $123.21 a share. Amazon and Apple were the most recent to hit 52-week highs at $2550.50 a share in September and $233.47 a share in October, respectively.
—With reporting by Dominic Chu.
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