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- Popular technology stocks have not been immune to market panic around a potential coronavirus pandemic.
- FANG stocks, including Facebook, Amazon, Netflix, and Google parent company Alphabet, shed a combined $177 billion in market capitalization in just two days as coronavirus fears slammed global markets.
- Each of the tech giants fell for two days in a row along with the wider market.
- Read more on Business Insider.
Even the most popular technology stocks have been hammered as coronavirus fears slam global markets.
Shares of the so-called FANG stocks, including Facebook, Amazon, Netflix, and Google parent company Alphabet, shed a combined $177 billion in market capitalization in just two days as coronavirus fears slammed global markets.
Each of the technology giants pared losses on Monday and Tuesday when global stocks fell for two days in a row. On Tuesday, Alphabet shed the most in market capitalization, losing roughly $24 billion in value on a 2.5% fall. Netflix was the smallest loser, erasing about $4 billion after falling 2.4%.
The tech stocks were weighed down by the broader market. The Dow Jones Industrial Average lost more than 1,900 points over two days, while the S&P 500 shed about 6% and posted its worst day since February 2018 on Monday. The Nasdaq fell into negative territory for the year.
The market rout was spurred by an uptick in coronavirus cases and deaths outside of China, where the disease originated. So far, the flu-like virus has killed more than 2,700 people and infected more than 80,000 across 30 countries including the US, Italy, Iran, and South Korea.