FAANG stocks get whacked as U.S. stock markets pull back

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      It's far too early to say the party is over for investors in Big Tech.

      But it was surely interrupted today as the so-called FAANG stocks—Facebook, Amazon, Apple, Netflix, and Google—all went into reverse on U.S. markets.

      The biggest loser was Apple. It fell 4.55 percent to close at US$371.38. However, the share price rose slightly to $372.40 in after-hours trading.

      Apple's market capitalization remains above $1.6 trillion. It remains the world's most valuable publicly traded company.

      Another goliath, Amazon, also saw its share price drop. It ended the day at US$2,986.55, down 3.66 percent.

      Amazon's market cap stands at US$1.49 trillion.

      Shares in Alphabet Inc., the parent company of Google, declined by 3.07 percent to close at US$1,516.75. Alphabet is worth US$1.04 trillion.

      Facebook shares plunged 3.03 percent, closing at US$232.60. This leaves its market capitalization at US$663.22 billion.

      Meanwhile, Netflix shares dropped 2.5 percent on the day to close at US$477.58. The home-entertainment provider is worth US$210.62 billion.

      Investors also hammered a non-FAANG tech stock, Microsoft, after a spike in early-morning trading. The Redmond-based software, gaming, and cloud-computing giant closed the day at US$202.54, down 4.35 percent.

      The Dow Jones Industrial Average—a basket of 30 large-cap stocks including Microsoft and Apple—fell 350 points today, or 1.31 percent. The NASDAQ Composite Index dropped by 244.71 points, or 2.29 percent.

      Goldman Sachs strategist David Kostin wrote a note on July 22 pointing out that the Big Five—Apple, Amazon, Alphabet, Facebook, and Microsoft—added up to 22 percent of the S&P 500's market capitalization, according to Barron's.

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