The tech bloodbath is here

The tech bloodbath continues.Top technology stocks fell further Monday, driving the Nasdaq down by more than 1...

Posted: Jul 31, 2018 5:56 AM
Updated: Jul 31, 2018 5:56 AM

The tech bloodbath continues.

Top technology stocks fell further Monday, driving the Nasdaq down by more than 1% for the third straight session, as a string of disappointing earnings results rattles investor confidence in the sector.

This marks the first time the Nasdaq has had three consecutive declines of 1% or more in nearly three years.

The so-called FAANG stocks -- Facebook, Amazon, Apple, Netflix and Google parent Alphabet -- all started the week in the red, after two members of the much hyped group spooked investors by growing more slowly than expected.

Facebook dropped nearly 4% at one point Monday before ending the day down 2%. The dip comes just days after the company suffered the single biggest wipeout in stock market history. The ongoing decline, which has erased more than $100 billion in market value, follows Facebook's warning to investors that sales growth could slow considerably as it invests in "putting privacy first."

Related: Facebook and Twitter face uncertain road ahead

Meanwhile, Netflix stock fell more than 10% earlier this month after adding about one million fewer customers than it had expected during the second quarter. On Monday, Netflix sank ended the day down more than 5%.

Steven DeSanctis, an analyst with Jefferies, says the "sloppier" earnings season is serving as a catalyst to rethink the tech sector, which has been priced for nothing short of perfect performances.

"Two of the five FAANG names have disappointed," DeSanctis told CNNMoney. "With that, deservedly so, they are going to get knocked down if their earnings numbers aren't perfect."

Even Amazon and Google dipped by roughly 2% in trading Monday, despite both companies posting stronger than expected results for the second quarter.

And the sell-off extends beyond the FAANG names. Twitter fell another 8% on Monday after reporting that its audience shrank slightly during the second quarter amid efforts to clean up the platform.

Apple is the last of the group to report earnings, scheduled for after the bell on Tuesday. Even if it exceeds expectations, however, DeSanctis doesn't think it will "change the dynamics" for how investors are looking at the tech sector right now.

Minnesota Coronavirus Cases

Data is updated nightly.

Cases: 540277

Reported Deaths: 7022
CountyCasesDeaths
Hennepin1125861667
Ramsey46611846
Dakota41151414
Anoka37226413
Washington24233273
Stearns20532215
St. Louis16380295
Scott15455116
Wright14317124
Olmsted1256996
Sherburne1020879
Carver946043
Clay765189
Rice7408100
Blue Earth676840
Kandiyohi618879
Crow Wing591786
Chisago535648
Otter Tail531673
Benton518396
Mower446032
Winona434549
Douglas432170
Goodhue429871
Nobles396147
Morrison382859
McLeod381154
Beltrami365057
Isanti360159
Polk358966
Itasca356851
Steele346614
Becker344848
Lyon341848
Carlton322152
Freeborn319429
Pine305321
Nicollet298542
Brown289139
Mille Lacs269547
Le Sueur265022
Todd264830
Cass241426
Meeker227037
Waseca225820
Martin209029
Wabasha19793
Roseau194018
Dodge16794
Hubbard167641
Renville167443
Redwood163335
Houston161814
Cottonwood151420
Fillmore15039
Pennington148419
Chippewa143636
Faribault141619
Wadena139820
Sibley132110
Aitkin126736
Kanabec124921
Watonwan12429
Rock120918
Jackson113010
Yellow Medicine108218
Pipestone107225
Murray10149
Pope9906
Swift97118
Marshall83717
Stevens79010
Lake77819
Wilkin75412
Clearwater75314
Koochiching74312
Lac qui Parle73022
Big Stone5544
Lincoln5532
Grant5388
Norman5119
Mahnomen4898
Unassigned48578
Kittson44322
Red Lake3796
Traverse3585
Lake of the Woods2932
Cook1440

Iowa Coronavirus Cases

Data is updated nightly.

Cases: 354875

Reported Deaths: 5797
CountyCasesDeaths
Polk55489598
Linn20153329
Scott18692234
Black Hawk15460306
Woodbury14773219
Johnson1384380
Dubuque13023202
Dallas1082196
Pottawattamie10612160
Story1024447
Warren548286
Clinton530789
Cerro Gordo518586
Webster506091
Sioux502673
Marshall476274
Muscatine454796
Des Moines439065
Wapello4245120
Buena Vista420940
Jasper406270
Plymouth393779
Lee366655
Marion353975
Jones292055
Henry285337
Bremer278260
Carroll277650
Crawford261539
Boone256131
Benton248955
Washington247849
Dickinson238643
Mahaska223049
Jackson216842
Kossuth211461
Clay208325
Tama206371
Delaware200939
Winneshiek192533
Page189020
Buchanan187331
Cedar182623
Fayette182641
Wright178635
Hardin178542
Hamilton176949
Harrison174673
Clayton165355
Butler161834
Mills157420
Cherokee156438
Floyd154342
Lyon153541
Poweshiek152133
Madison151919
Allamakee149051
Iowa144624
Hancock142634
Winnebago135331
Grundy134832
Cass133954
Calhoun133011
Jefferson130535
Emmet127140
Shelby126537
Louisa126049
Appanoose125847
Sac125819
Mitchell125241
Union123732
Chickasaw122015
Humboldt117926
Guthrie116728
Franklin112321
Palo Alto109622
Howard102622
Unassigned10030
Montgomery99737
Clarke98023
Keokuk94330
Monroe93128
Ida88533
Adair84032
Pocahontas83021
Monona80430
Davis79824
Greene76310
Lucas74822
Osceola73716
Worth6978
Taylor64812
Fremont60410
Decatur5889
Van Buren55318
Ringgold53322
Wayne51823
Audubon4939
Adams3264
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