This week has been a pretty brutal one for growth stocks. One of the best ways to see this is the performance of the NYSE FAANG+ Index, which has flat-out collapsed. The index is slightly broader than the traditional FAANG (Facebook, Amazon, Netflix, and Alphabet, formerly Google) index, and it currently includes Apple (AAPL), Nvidia (NVDA), Twitter (TWTR), Alphabet (GOOGL), Facebook (FB), Amazon (AMZN), Netflix (NFLX), Tesla (TSLA), Baidu (BIDU), and Alibaba (BABA). As shown in the chart below, yesterday’s close brought the group’s decline to more than 18%, its second-worst drawdown since inception back in 2014. The length of the drawdown is also notable at 78 trading days, also the second-longest in the history of the index.

(Click on image to enlarge)