Shares of so-called FAANG stocks took another beating Monday amid investors' concerns that the growth and outlook profits of some of the top-five technology companies will continue to suffer.
Shares of Facebook Inc. (FB) - Get Report ended the day down $7.98, or nearly 6%, to $131.55, while Apple Inc. shares finished down $7.67, or about 4%, at $185.86. The other three FAANG members - Amazon.com Inc. (AMZN) - Get Report , Netflix Inc. (NFLX) - Get Report and Alphabet Inc.'s (GOOG) - Get Report Google - were all down between 4% and 6%.
Dragging them all lower was Facebook's poor stock-price performance, which continued Monday following a dismal showing last week. Shares of the social media giant are poised to close their third straight month in the red, which would mark the longest quarterly losing streak since 2013, and its first full year of losses since going public. Shares of Facebook are down more than 22% this year.
Meanwhile, a report from the Wall Street Journal that Apple slashed orders for the iPhone XR, XS and XS Max models - the three new phones it unveiled in September - sent its shares lower as well. According to the Journal, Apple told its suppliers it planned to slash production of the XR by a third of the approximately 70 million units it had asked them to build between September and February.
Recent market turbulence driven by ongoing global trade tensions, geopolitical uncertainly, slowing economic growth in China and emerging markets and rising interest rates have taken a bite out of some of last year's best-performing tech stocks, specifically the FAANGs.
According to a separate report by the Wall Street Journal, FAANG stocks have collectively shed more than $757 billion in market value since the start of this month.
(This article has been updated with afternoon prices.)