Tech stocks continue their slide as NASDAQ Composite Index falls another 311 points

Tesla CEO Elon Musk has fallen from first to seventh place on the Forbes list of billionaires

    1 of 1 2 of 1

      This has not been a great time for investors in some of the biggest stock-market gainers during the pandemic.

      Today, the NASDAQ Composite Index fell another 311 points, or 2.41 percent, to close at 12,906.16.

      It has Motley Fool writer Sean Williams asking "Who's ready for a NASDAQ bear market?"

      Former NASDAQ darling Tesla plunged 5.84 percent to close at US$563. That's only 63 percent of its 52-week high of US$900.40.

      It's dropped Tesla CEO Elon Musk's net worth to US$144.7 billion, putting him seventh on the global Forbes list. In January, he was briefly in first place.

      The so-called FAANG stocks also had a rough day.

      Facebook shares fell by 3.39 percent to close at US$255.31.

      Meanwhile, Amazon's share price dipped 1.62 percent today to close at US$2,951.95.

      The other "A", Apple, dropped by 5.06 percent to close at US$116.36.

      Netflix was down 4.47 percent to end the day at US$493.33.

      And Alphabet Inc. Class A shares declined by US$89.57 to close at US$2,007.50. Alphabet is the parent company of Google, which is the "G" stock in the FAANG group.

      Even though the NASDAQ Composite Index contracted, that wasn't the case with many of the 30 large-cap stocks in the Dow Jones Industrial Average.

      The Dow, which includes Apple, actually rose by 306 points, or 0.97 percent, to close at 31,802.44.

      The largest gainer was Walt Disney Co., which rose 11.92 percent.

      Another Dow stock, Microsoft, on the other hand, saw its share price drop by 4.21 percent.

      Comments