After quietly bucking the downward trend in the previous trading session, the FANG stocks were taking a hit early Tuesday, June 19, after President Trump threatened more tariffs on Chinese imports.
When the market closed on Tuesday, Alphabet Inc. (GOOGL) - Get Report fell 0.4%, Facebook Inc. (FB) - Get Report fell 0.4%, Amazon.com Inc. (AMZN) - Get Report was up 0.6% and Apple Inc. (AAPL) - Get Report declined 1.6%.
The Trump administration told Apple CEO Tim Cook that it wouldn't place tariffs on iPhones, which are assembled in China, The New York Times reported.
Apple has sold more iPhones in China than it has in the U.S. for the past three years and relies on mainland Chinese sales for around 20% of its nearly $200 billion in annual revenue.
Netflix Inc. (NFLX) - Get Report , however, was up 3.7% to $404.98 on Tuesday after receiving a number of upgrades, including a price target raise to $500 from $400 by GBH Insights analyst Daniel Ives.