- Facebook, Amazon, and Google parent Alphabet– three-fourths of the FANG stock quartet – were among the worst-performing stocks in the tech-heavy Nasdaq 100 index on Monday.
- Reports of new regulatory probes into Facebook and Alphabet weighed on the group.
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Technology stocks fell under intense pressure on Monday after Bloomberg and The Wall Street Journal reported regulatory developments surrounding Facebook and Google’s parent company, Alphabet, slamming the sector.
Facebook plunged by as much as 9% to a three-month low and was the worst-performing name in the tech-heavy Nasdaq 100 index. Alphabet and Amazon tumbled 7% and 5%, respectively, and were also among the biggest losers in the index.
The Federal Trade Commission would oversee any antitrust probe into whether Facebook’s practices hurt competition in the digital market, The Wall Street Journal reported Monday afternoon, citing a person familiar with the matter.
Meanwhile, The Wall Street Journal reported late Friday, citing people familiar with the matter, that the Department of Justice was preparing an investigation of Alphabet’s Google unit over antitrust concerns.
The reported probes into how the technoloy giants impact competition online come as politicians weigh the implications of “breaking up” companies like Facebook and Alphabet.
Senator Elizabeth Warren of Massachusetts, the Democratic 2020 presidential nominee, in March proposed a plan to break up US-based technology giants including Amazon, Google, and Facebook.
The Invesco QQQ exchange-traded fund, which tracks the Nasdaq 100’s performance, fell 2% Monday.
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