Tech stocks are taking a severe beating as US markets join today’s global stock market rout, with Netflix down over 11 per cent.
The US’s tech-heavy Nasdaq index opened over four per cent down, following huge falls in both Asia and Europe amid investors’ fears that China’s slowing economy would lead a global slowdown.
Apple plunged at the open, at one point trading below $100 in pre-market trading, but by 5pm London time this drop had been erased, and the tech company crept higher.
Twitter, whose shares were already nosediving below its IPO price following disappointing user growth figures, opened a further 8.9 per cent down, but has now rebounded slightly.
But this is still nothing on Netflix. The video streaming company's original downturn started last week, as it fell over seven per cent on both Thursday and Friday. Adding today's plunge, nearly 25 per cent of the company's value has been annihilated over the past three days of trading.