Last Friday, the Nasdaq Composite shed 1.46% and continued its slide on Monday morning with the index down over 80 points as of 11:10 a.m. ET.
Likewise, technology ETFs responded to the index–Invesco QQQ Trust (NASDAQ: QQQ)–down 0.98%, Technology Select Sector SPDR ETF (NYSEArca: XLK)–down 1.20%, Vanguard Information Technology ETF (NYSEArca: VGT)–down 1.21%, First Trust Dow Jones Internet ETF (NYSEArca: FDN)–down 1.80%, and iShares US Technology ETF (NYSEArca: IYW)–down 1.30%.
Facebook’s meltdown last week following their latest earnings report and worst trading day ever seems to have carried over to the start of this week’s trading session. Even with Amazon smashing consensus expectations with $5.07 earnings per share versus an expected $2.50 EPS in their second-quarter earnings report last week, it hasn’t been enough to tow the FANG stocks (Facebook, Apple, Netflix, and Alphabet) and the rest of the tech sector out of its funk.
Facebook was down 3.6% while Netflix lost 3.9%. Other names bringing down the Nasdaq were Take-Two Interactive Software Inc, Electronic Arts and Workday Inc–down 12.7% in the aggregate.