FAANG stocks failed to build on their big rally on Wednesday, as the majority of tech stocks fell sharply amid a market downturn on Thursday.
Facebook Inc. (FB) - Get Report shares were down 2.7%, while Amazon Inc. (AMZN) - Get Report shares fell 4.3%, Apple Inc. (AAPL) - Get Report shares declined 3.7%, Netflix Inc. (NFLX) - Get Report shares declined 4%, and Alphabet Inc. (GOOGL) - Get Report shares dropped 3.25%.
FAANG had an extremely strong session on Wednesday, with all five stocks posting increases more than 6%. But Thursday's session did not have the same ring to it, as the tech giants resumed their woes of the last several weeks.
On Wednesday, Facebook shares jumped 8%, Amazon rose 9.5%, Apple gained 7%, Netflix jumped 8.5% and Google rose 6.5%. The FAANG stocks collectively added $185 billion in market value during the session.
Apple was bolstered by a report from Consumer Intelligence Research Partners that suggested that the company drew in a larger number of rival Android users with its latest iPhone release, compared to the previous two years.
Meanwhile, RBC Capital Markets analyst Mark Mahaney wrote Wednesday that he estimated Google would generate $3 billion in hardware profits in 2018. saying he believes that the company's hardware offerings are starting to gain commercial traction.
Google parent company Alphabet places hardware sales in its "other revenues" segment when it releases financials, so exact numbers will not be available when it releases its quarterly report.