FANG stocks are losing their bite Wednesday.
Amazon was leading the way lower, falling more than 1%, while Netflix dropped 0.4%, Facebook declined 0.24% and Google retreated 0.4%.
Apple (AAPL) is on pace to post a decline for the fifth straight session after Foxconn, a key iPhone supplier, announced a weaker than expected profit forecast for the third quarter.
Netflix was facing negative pressure after an analyst note from CCS Insight suggested that Apple could launch a streaming service competitor as soon as next year. Netflix is already facing potential competition from Disney (DIS) , which has also announced plans to launch a streaming service for its content.
Technology has been the best performing S&P 500 sector this year, climbing 37% year to date. However, that runup has given the stock room for correction.
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