Nasdaq hits record, bounces off, plunges. Wow, did you see that? That was quick. Friday morning between 10:15 AM and 11:15 AM, the Nasdaq gallivanted around blissfully for an entire hour in record territory of around 6,340 with not a worry in sight, and then someone must have looked at the valuations or something, and it became infectious, and the sell-orders started pouring out, and by 2:48 PM, the Nasdaq hit a low for the day of 6,160, down 3.1% from peak to trough. It closed at 6,208, down 114 points, or 1.8%, its biggest daily decline so far this year.
Meanwhile, the Dow rose nearly 90 points or 0.4% to 21,272. And the S&P 500 ended down a minuscule 2 points.
The market is so dependent on the infamous FAANG stocks: Facebook, Apple, Amazon, Netflix, and Alphabet (the Google in the acronym). And here’s how they did:
*Facebook fell $5.11, or 3.3%, to $149.60.
*Apple fell $6.01, or 3.9%, to $148.90.
*Amazon fell $31.96, or 3.2%, to $978.31 now demoted from the elect group for 4-digit stocks back to the large group of 3-digit stocks.
*Netflix plunged $7.85, or 4.7%, to $158.20.
*Alphabet, the G in FAANG, fell $33.58, or 3.4%, to $952.23, moving further away from everyone’s dream of closing at $1,000.
The five FAANG stocks combined had a market capitalization of nearly $2.5 trillion this morning when the market opened. That’s larger than France’s economy when converted to US dollars, with a GDP of $2.4 trillion. By the time the trading was over, the FAANG stocks had dropped within a hair of France’s GDP, having lost $88 billion less than five hours....