years tech shares have been the strongest winners on stock exchanges the robber world but as of late the fast growing business seems to be in trouble and investors are worried facebook shares lost just about twenty percent in a single day last week when the company failed to meet analyst expectations it cost the social network more than one hundred billion dollars in market value for this week software makers electronic arts and take. down almost seven percent each netflix lost six percent meanwhile investors are gearing up for a barrage of earnings including apple later today. well from all its talk to my colleague paul concern but it s who is standing by in frankfurt poll takers been down for. a few days now what s behind the losses and do investors fear this is a trend. yes gearhart there s been a big selloff triggered by earnings season mostly on by the other tech companies as
retaliate in some way. in the past, trace, we ve seen tech shares almost be able to ignore a lot of these general headlines. it s not the case today. we ll show you the tech stocks, semi conductor and semi conductor chips. qualcomm and nvidia as a group, they have some of the biggest exposure in american industry to china. something like 52% according to morgan stanley. so those stocks moving lower as well. not really to be ignored, but a lot of the consumer stocks that we don t think about but starbucks, nike, each of these companies got more than 15% of their revenue from china last year. apple sold more iphones in china an even than in the u.s. those three consumer stocks down
it s 300 down at the open. you had the fed weigh in on the rates and they bumped them up a quarter and with the fed continuing to suggest more hikes are in the offing, investors are reacting. what are you seeing on facebook, sandra? sandra: facebook shares are down big time. you heard the apology from mark zuckerberg and possibly leaving the door open to regulation. the market doesn t like that and tech shares are leading the market lower. then the announcement in the noon hour with trump slapping penalties on china. that has investors rattled. bill: plenty to consider. 9:34. sandra: and the spending bill, by the way. congressional leaders hope to start voting on the sweeping budget bill that would avoid a government shutdown. the majority with military and
up ahead, it is the beltway brouhaha for the ages. president trump, vice president biden, you want to see either one of them in shorts an boxing gloves? pay-per-view. but first were here with the cnbc market wrap and a tariff terrible day. yes. definitely. u.s. stocks falling sharply. pressures from worries of a potential trade war and a decline in tech shares. the dow plunging 724 points posting the worst day since february 8th. the s&p fell 68 and the nasdaq closed 178 points lower and boeing one of the biggest decliners in the dow falling 5.2%. stoked by fears the company may be the target of backlash from china. following the announcement of retaliatory tariffs on $60 billion in chinese imports by president trump. china generated more than 12% of the boeing sales and that is it from cnbc, first in business worldwide. okay folks!
those big losses. if you look at tech shares, they are already back to precorrection levels. facebook, apple, netflix, google s parent alphabet. amazon. take note. rose 1.5%. it made the worlds richest man even richer. jeff bezos made 1.7 million today alone. he s worth more than $120 billion. financials contributed to the game. strategists say they are two main reasons for investor optimism. corporate america producing strong earnings. it s been one of the best since 2011. strategists saying investors are getting used to the idea of higher interest rates. yield on the 10-year treasury note stabilized under a key psychological level of 3%. that level was moving higher. earlier this month it made investors nervous because higher