Stocks of five major US companies – Facebook, Amazon, Apple, Netflix and Alphabet – collectively lose $952bn as the group (called FAANG) reached its 52-week high between July & October. Amazon’s $255bn decline topped the list of losses.
Meanwhile, shares of Facebook Inc alone rose, despite users in US and Europe reporting outages on Facebook and Instagram. The social media network climbed 0.67%. Amazon fell 1.11%, Netflix fell 1.34%, Google rose 0.29%, and Apple declined 4.78%.
Retailers too faced a tough trading day, with stocks of companies like Target Corp, Kohl’s Corp and Ross Stores Inc., falling sharply their earnings before opening bell Tuesday. Target shares fell 10.5%, while Kohl’s shares declined 9.15%, Macy’s Inc. (M) fell 3.42%, and Ross Stores fell 9.38%, stated The Street.
The oil market wasn’t spared of the market impact either as prices faced the pressure. Slowing growth signals and robust protection rates continue to offset reports that Saudi Arabia will push OPEC members to trim output targets at their next meeting in Vienna.