Yahoo Finance Live’s Rachelle Akuffo reports on how the FAANG stocks are responding to today’s tech sell-off as markets and investors continue to digest the August CPI data.
Video Transcript
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RACHELLE AKUFFO: Indeed. So let’s get you up to speed on what we’re seeing with that tech selloff. Of course, following that hotter-than-expected inflation print. We’re gonna take you to the NASDAQ 100 now and take a look at some of the FAANG stocks or MAANG stocks, ever since Facebook changed its name to Meta. As you can see there, most of them in the red. You see Apple they’re down more than 5% there.
As we take a look in here we can see that sharply, as of this morning when we saw that inflation print, we see that drop there. Down about 5– about 5.2% there. But still out of all the FAANG stocks, still the best performer, though, if you look year-to-date. Still with losses, though, of about 12.8%.
I also want to have a look at what’s happening with Meta. As you can see, that’s down more than 8.2% there. Now, Meta, obviously, has been struggling– Meta has been struggling. It’s made a couple of missteps, including most recently disappointing Instagram Reels performance versus TikTok. They also had leaked images to The Verge, reportedly, of its new Quest Pro VR headset prototype that was accidentally left in a hotel room.
I also want to have you take a look at what’s been happening with Amazon as well. Another member there of the FAANG stock club. That’s off more than 6% for the day, as you can see there. And also still down about 23% year-to-date.
Also taking a look at Netflix, obviously, display– despite a strong showing at last night’s Emmys, still pressure from some of these rivals. They’re having a tough day as well.
As we take a look if it’s equally-weighted here, you can see that there is pretty much no green to be found at all. All the NASDAQ 100 under a lot of pressure. The majority of them under pressure.
And of course, I also want to get us back to Google, which is– was already facing pressure this year. As you can see, it’s down 5% on the day, but down about 27% year-to-date. Facing a $25 billion in damages claims, and that’s from the UK and Dutch courts over its adtech practices. A Google spokesperson told Reuters, this lawsuit is speculative and opportunistic. When we receive the complaint, we’ll fight it vigorously. Obviously, adding more stress to an already stressed out tech sector today.
