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FANG Stocks Lose Nearly $150B In A Day As Coronavirus Fears Rise Even More, Oil Crashes

The "FANG" technology companies, known for their impressive growth in the last two decades, took a beating on Monday as markets opened after a turbulent weekend.

Benzinga · 03/10/2020 04:58

The "FANG" technology companies, known for their impressive growth in the last two decades, took a beating on Monday as markets opened after a turbulent weekend.

What Happened

Facebook Inc. (NASDAQ: FB), Amazon.com Inc.(NASDAQ: AMZN), Netflix Inc.(NASDAQ: NFLX), and Alphabet Inc. (NASDAQ: GOOGL) (NASDAQ: GOOG) together saw about $148.4 billion getting erased from their market capitalization in the day's trade.

Google parent company Alphabet lost $55.7 billion, e-commerce company Amazon lost $50 billion, social media company Facebook lost $32.8 billion, and media company Netflix saw nearly $10 billion getting erased.

The loss came as fears over the novel coronavirus (COVID-19) continuing to spread both globally and domestically in the United States increased.

All four companies have asked their employees to work from home if they work in an affected area, as the number of confirmed coronavirus cases in the U.S. have spiraled to 605 with 22 reported deaths. Some of the offices have been shut down.

Italy, which now has the most number of confirmed cases outside of mainland China at 9,172, per data from Johns Hopkins University, imposed a nationwide lockdown.

The crashing oil prices after Saudi Arabia started a price war with Russia added another woe for the stock market.

Price Action

Facebook's shares closed 6.4% lower at $169.50 on Monday. Amazon's shares were 5.29% down at $1,800.61 at the close. Netflix closed 6.09% lower at $346.49.

Alphabet Class A shares closed 6.17% lower at $1,215.79, and Class C shares closed 6.38% lower at $1,215.56.