Investing.com - The likes of Facebook (NASDAQ:FB), Amazon (NASDAQ:AMZN), Apple (NASDAQ:AAPL), Netflix (NASDAQ:NFLX) and Google (NASDAQ:GOOGL), who make up Wall Street’s so-called 'FAANG' stocks, suffered an unprecedented sell-off this week, as a string of negative headlines hit sentiment towards the sector that drove a long bull market.
After experiencing their worst one-day drop on record on Tuesday, several of the 'FAANG' stocks fell further on Wednesday, before enjoying a brief respite on Thursday.
The breakdown for the week looks something like this:
• Facebook is down 4% so far
• Amazon is on track to post a weekly loss of 4.3%
• Apple stock is down 1%
• Netflix is 5% lower for the week
• Google stock down 2.1%
Amazon fell after Axios reported that President Donald Trump was "obsessed" about regulating the e-commerce behemoth.
Apple declined after Goldman Sachs (NYSE:GS) analysts predicted lower iPhone sales in March and for the June quarter than the rest of the Street.
Google and Netflix slumped as a mix of regulatory scrutiny and a more defensive mindset from investors left them out of favor.
The tech sector has been on the back foot ever since reports emerged last week alleging that Cambridge Analytica, an analytics company, had gathered data from 50 million Facebook profiles without users' permission. Shares of the social media network have fallen almost 18% since March 16, when news of the scandal broke.
Besides the FAANG names, stocks like Tesla (NASDAQ:TSLA), Twitter (NYSE:TWTR) and Nvidia (NASDAQ:NVDA) also saw intense selling this week.
Shares in electric carmaker Tesla tumbled after a fatal crash and fire of a Tesla vehicle prompted a U.S. federal investigation.
Meanwhile, Twitter sank after famed short-seller Citron Research called the stock "most vulnerable" to privacy regulations.
Another weak spot was Nvidia, which stumbled after the chipmaker temporarily suspended self-driving tests on public roads following a fatality involving an Uber vehicle.
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