Continuing worries about a China hard landing and a related selloff in commodities are sending global financial markets into a tailspin, with energy and tech stocks getting hammered especially hard. U.S. stock market indices lost more than 3% on Friday and are down by close to another 3% as of 10:30 a.m. on Monday. At one point in early trading Monday, the Dow Jones Industrial average was down by over 1,000 points.
Some of the tech stocks that have been hit especially hard in the ongoing China panic market downdraft include internet giants Alibaba (down 4.66% today) and Yahoo (down almost 3.5% so far today), and streaming king Netflix, which has shed over 7% of its value so far on Monday.
The energy sector has also been slammed, with crude oil prices off by 5% and ExxonMobil and Royal Dutch Shell both down more than 3% Monday.
More on Netflix and Apple in tech stock selloff
One of the highest flyers of 2015, streaming service Netflix, is right on the cusp of a 20% correction from its peak, despite announcing on Monday that it had agreed to partner with Japan’s SoftBank to help out with the Japanese launch of its video-streaming service on Sept. 2. Netflix has reported strong growth numbers for its international launches for the last several quarters, but what goes up too fast must obviously come back down. Netflix was trading at $100.34 as of 10:28 a.m. Eastern Monday, down by around 3.5%.
Wall Street darling and iPhone maker Apple has also seen a notable correction over the last few days, at one point early Monday briefly dropping below triple digits to $92 before bouncing back to $103 in mid-morning trading. The tech titan has seen strong sales of most of its flagship products over the last few quarters, but there are early signs of a slowdown in some markets. Also Apple Watch has not yet become the blockbuster some analysts anticipated. The stock traded as high as $134 earlier this year.