2 months ago
Stock Market

Facebook, Netflix, Twitter on Santa’s Naughty List Midday

Investing.com - Looks like stockings won’t be stuffed with shares of big-name tech stocks next week as investors continued to

Investing.com - Looks like stockings won’t be stuffed with shares of big-name tech stocks next week as investors continued to rotate out of the riskier names.

The S&P 500 Communication Services index fell about 1.3% in midday trading.

Twitter (NYSE:TWTR) was the biggest drag on the index, falling 5.5%. The stock continued its sharp drop from the previous session after Citron Research called the stock “toxic” and the “Harvey Weinstein” of social media.

Facebook (NASDAQ:FB) lost 5%. The stock has been continually under pressure after more reports it breached users’ privacy.

And a Bloomberg report that Facebook is looking to develop its own cryptocurrency couldn’t have helped, given the overall state of the crypto market at the end of the year.

Netflix (NASDAQ:NFLX) also weighed, losing about 4%.

The rotation out of risk resumed late morning after a rally inspired by a dovish interview from New York Fed President John Williams evaporated and attention refocused on a possible prolonged federal government shutdown.