“Today’s stock market sell-off is a direct result of the exacerbation of trade tensions,” said Kristina Hooper, global market strategist at Invesco. All the FAANG stocks — Facebook, Amazon, Apple, Netflix and Google-parent Alphabet — were in the red Monday as the Nasdaq sloped downward by 117 points. Amazon, Facebook and Netflix were all down more than 20 percent from their highs, according to Bespoke Investment Group, putting them in bear market territory. The technology stocks took a beating after reports that Britain plans to tax Facebook and Google revenue 2 percent in that country. Wren also said the market’s extreme swings Monday were pushed by professional stock traders trying to see how low stocks can go.

Source: Washington Post October 29, 2018 19:39 UTC