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China's 'Black Monday' Market Collapse Hits Tech Stocks Hard

A grim Monday morning for the stock market.

Spencer Platt / Getty Images

A sharp falloff in the Chinese stock market on Monday reverberated west this morning, sending the major U.S. financial indices plummeting.

Tech company stocks were hammered. Even stock darlings Apple, Google, Amazon and Facebook dropped off a cliff with the rest of the market. The slide came after a particularly sour day in China — the Shanghai Composite fell 8.5 percent, the steepest drop since 2007 — after many months of brewing problems.

The Dow Jones Industrial Average, the Nasdaq and the S&P were all down significantly on Monday morning. Marquee tickers, like Apple and Facebook, fell by over 10 percent. Yet most bounced back after trading commenced.

Netflix, which dropped close to 8 percent this morning, is now floating at around 5 percent down from opening. Amazon and Facebook are both down around 5 percent since opening. Twitter, whose stock dipped below its IPO price on Friday, is now further below its IPO price.

The Guardian has a helpful liveblog of the drama. You can also keep score on a few of the bigs through CNBC.

Update: After the initial plummets this morning, it looks like most stocks have corrected. As of 1:26 EST, the tickers for Apple, Netflix and Intel returned to positive figures. Other major tech stocks moved closer to the start of trading. Apple’s quick swing may have come from comments by CEO Tim Cook, who told CNBC the company is seeing “strong growth” in China.

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