Monday saw substantial pullbacks in tech stocks, with some of the FAANGs undergoing the sharpest losses. Amazon closed -6.3% lower. Alphabet’s stock plummeted by -4.8%. Apple's dipped by almost -2%. Netflix and Nvidia dropped by -5% and -6%, respectively.
While all eyes would be on Facebook after it reports its earnings after Tuesday’s market close, Wall Street analysts have their expectations at $1.85 adjusted earnings per share on revenue of $13.8 billion (as reported by Bloomberg). Its Q2 revenue growth was disappointing for investors, leading to the downtrend in its stock price since then. On Monday, Facebook shares fell by -2.2% .