FAANG stocks fall amid persisting trade concerns

Thursday, 07. March 2019 21:06

Big tech companies' shares traded with losses on Thursday as concerns persisted amid the ongoing trade negotiations between the United States and China, dragging the Nasdaq 100 index 1.54% down at 3:04 pm ET. Facebook Inc. lost 2.61% at 3:04 pm ET, while iPhone maker Apple Inc. fell 1.12% at 3:05 pm ET. The e-commerce giant Amazon.com Inc. decreased by 2.77% at 3:05 pm ET and Netflix Inc. traded 2.26% in the red at 3:06 pm ET. Meanwhile, Google's parent company Alphabet Inc. was down 1.76% at the same time.

Additionally, the Nasdaq losses were driven by the Chinese tech companies after reports of Beijing's concerns that it may not be able to reach a trade agreement with Washington. China said it expects the US delegation to offer unfavorable final trade terms.

The Dow Jones Industrial Average was 1.03% in the negative territory at 3:07 pm ET, pulled down mostly by the losses seen in the banking sector. The S&P 500 lost 1.07% at 3:08 pm ET. The euro was 1.12% lower compared to the dollar, selling for 1.1186 at 3:11 pm ET.

Related Links: Microsoft Corp.Alphabet Inc.Netflix Inc.Apple Inc.Amazon.com Inc.Facebook Inc.
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Breaking the News / SS