(CNBC) -- Stocks dropped sharply on Monday as the biggest and most popular technology stocks plunged. Facebook and Apple led the losses.
The Dow Jones Industrial Average fell 395 points and the S&P 500 dropped 1.7 percent as the technology sector pulled back 3.8 percent. The tech-heavy Nasdaq Composite lagged, falling 3 percent as Amazon dropped 5.1 percent.
The popular "FAANG" trade made up of Facebook, Amazon, Apple, Netflix and Alphabet is now in a bear market with each member down more than 20 percent from their one-year highs.
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