Tech bloodletting nears US$300 bil since Facebook reported

NEW YORK (July 31): The rush to get out of US tech stocks entered its third day Monday as concerns mounted over how the storied FAANG bloc will fare amid rising interest rates and slower growth.

All of the FAANGs retreated, with Facebook Inc. sinking 3.3% and Netflix Inc. falling as much as 5.3%. The FANG index retreated 2.5%, widening its three-day loss to 9%. This compares with a 1.4% loss for the S&P 500 over the same time.

Investors have been bailing from the space since the Facebook’s earnings hit July 25, prompting the biggest market-cap decline in US history. Market darlings since the 2016 presidential election, the group of tech megacaps has seen investors heading for exits with the advance seen as having gone too far, too fast.

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