Why FAANG Stocks Tumbled Today
Shares of the major technology stocks, collectively referred to as FAANG, tumbled on Monday as the broader market suffered a steep sell-off. All the major U.S. stock indexes were down nearly 10% at 2:10 p.m. EDT following an emergency rate cut from the Federal Reserve over the weekend.
The response to the novel coronavirus pandemic in the U.S. has escalated quickly in recent days. Some states and cities have ordered dine-in service at restaurants to cease, public schools have been closed in many places, and people capable of working from home are increasingly doing so. All of this will have a negative impact on the economy in the short term.
The FAANG stocks -- Facebook, Apple, Amazon, Netflix, and Google parent Alphabet -- were not immune to the pessimism on Monday. Here's where these large tech stocks stood in the afternoon:
Source Fool.com
