Tech stocks are getting slammed in premarket trading as the bloodbath gets serious

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Reuters / Brendan McDermidJeff Bezos and Amazon have once again shown their ability to wreak havoc on an entire industry.
  • Facebook, Apple, Amazon, Netflix, and Google were all down in premarket trading.
  • It follows a chastening day on Wednesday, when the FAANG companies lost a collective $172 billion in value.
  • Stock markets around the world are selling off sharply as fears about slowing economic growth and rising interest rates spook investors. Declines in US futures show the selloff is not slowing down.

Tech stocks look set for a second punishing day on Wall Street.

All the major tech giants are down in premarket trading following a chastening day on Wednesday, when the FAANG companies lost a collective $172 billion in value.

As of 6.20 a.m. Eastern Time on Thursday morning, here’s how Facebook, Apple, Amazon, Netflix, and Google stacked up in futures trading, ranked from worst to best:

Netflix: Down 2.5%

Amazon: Down 2.3%

Apple: Down 1.9%

Facebook: Down 1.8%

Google: 1.5%

Among the other big fallers was Square, which was down 9.6% around the same time. Square’s CFO Sarah Friar announced on Wednesday that she is leaving to become chief executive of neighbourhood social network Nextdoor.

Elsewhere, Snap and Dropbox fell 3.6% and 3.4% respectively.

Stock markets around the world are selling off sharply as fears about slowing economic growth and rising interest rates spook investors. Declines in US futures show the selloff is not slowing down.

Source: Business Insider

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