NEW YORK (TheStreet) -- Shares of major technology companies got hammered along with the rest of the market Monday, as Netflix (NFLX) - Get Netflix, Inc. Report, Amazon (AMZN) - Get Amazon.com, Inc. Report, Google (GOOGL) - Get Alphabet Inc. Class A Report and Apple (AAPL) - Get Apple Inc. Report all lost significant ground.
On Wall Street the Dow Jones Industrial Average declined by 588.40 points, or by 3.6%. The S&P 500 was off by 77.68 points, a decline of 3.9%. The Nasdaq shed 179.79, or 3.8%.
On Friday the Dow, S&P 500 and Nasdaq declined by 3.12%, 3.19% and 3.52%, respectively.
The S&P and Dow are now on track for their worst month since February 2009.
Netflix closed Monday at $96.88, a decline of 6.8%. The online media company has faced pressure in recent days amid investors' general skittishness about media stocks. Netflix shares lost 7.6% of their value on Friday. The company's shares gained 39 cents in after hours trading Monday.
Shares of Apple closed at $103.12 Monday, a drop of 2.5% amid heavy trading volume of 116 million shares. The company's stock lost 6.12% of its value on Friday. They regained 31 cents in after hours trading Monday.
After Asian stock markets tumbled overnight and before U.S. markets opened Monday morning, Apple CEO Tim Cook sent an email to TheStreet's Jim Cramer, a CNBC host. "We have continued to experience strong growth (in China) for our business through July and August," Cook wrote, according to Yahoo! Finance. "Growth in iPhone activations has actually accelerated over the past few weeks."
Shares of Amazon closed at $463.37 on Monday, a decline of 6.3%. They shed another 63 cents in after-hours trading. Shares of Google finished the day at $618.51, a loss of 4%. They jumped by $3.49 in after-hours trading.
In product news Monday, Gogo (GOGO) - Get Gogo Inc. Report, of provider in-flight connectivity, announced that it has received a "final Supplemental Type Certificate (STC) from the FAA required to launch Gogo's 2Ku next generation satellite connectivity service."
The company said in a release that "the technology is currently installed on Gogo's 737-500 test plane and is now cleared for in-flight testing." Gogo said it expects to launch commercial service of its 2Ku technology later this year. The company's shares, traded on the Nasdaq, closed Monday at $15.41, a loss of 7 cents.
This article is commentary by an independent contributor. At the time of publication, the author held no positions in the stocks mentioned.