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- US stock markets are officially in a correction after Thursday’s massive drop.
- Apple is the only FAANG stock to outperform the S&P 500 this week.
Stocks officially entered a correction Thursday, when the Dow Jones industrial average and S&P 500 both saw the drops from their most recent highs extend to at least 10%.
The FAANG stocks — that is, the tech basket consisting of Facebook, Apple, Amazon, Netflix and Google-parent Alphabet — have been hit just as hard, with only Apple outperforming the S&P 500 this week.
Over the past five trading sessions, the S&P 500 — a common market performance benchmark — has lost 8.27%. Here’s how the individual FAANG stocks have fared:
- Facebook: -9.06%
- Apple: -6.83%
- Amazon: -8.56%
- Netflix: -9.53%
- Alphabet (Google): -12.26%
So far Friday, the major averages see-sawed between gains and losses before plunging deeper into correction territory. The S&P 500 is down about 0.9% just after noon ET.
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