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.
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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 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.
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