FAANGs out: Tech stocks set to continue slide after losing $172bn in a single day

Yesterday's $172bn (£130bn) tech stocks slide is set to worsen today, as pre-market trading indicates each of the so-called FAANG companies could stand to lose further value.

Amazon was the worst hit overnight, losing an additional 2.24 per cent on top of yesterday's 6.15 per cent slide which wiped around $56bn off its market capitalisation.

Apple and Facebook have been the next biggest losers this morning, taking a 1.84 per cent and 1.57 per cent loss in pre-market trading respectively. Apple suffered an almost $51bn loss yesterday, worth roughly six times the entire value of Snap, which also fell to a new all-time low.

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Netflix, which was yesterday's biggest loser by percentage with an 8.38 per cent slump, is down 1.5 per cent in addition to squandering around $13bn of its market value. Meanwhile Google, which yesterday sunk $36.7bn of its market cap,  has lost 1.28 per cent in pre-market activity.

The entire day saw the Nasdaq's largest single-day drop for seven years.

XTB's chief market analyst David Cheetham said: "Given that there was no real fresh news to cause the large drops, it seems to be more a case of the US finally waking up to several sizable threats to what is the longest bull market in history."

Helal Miah, an investment analyst at The Share Centre added: "This global stock market sell-off should not come as a big surprise, but the question that some investors will be asking is one of whether we will see a quick bounce back like we saw at the start of the year."

"This time round it may be different; previously the sell-off and bounce back had been led by the FANGS and tech companies. With increasing questions about these companies’ valuations and all the other overhanging worries in the global economy, it may be a while until we see those all-time highs again."