Tech stocks tumbled yet again on Friday, as Twitter (TWTR  ) followed Facebook (FB  ) in delivering disappointing earnings. Intel (INTC  ) said a key new chip technology wouldn't be out until late next year, further placing a damper on the outlook for the tech industry which has increasingly lost its momentum. Netflix (NFLX  ) and Facebook were down again yesterday, too.

Shares of the social media behemoth Facebook fell 19% on Friday, clearing out roughly $120 billion of shareholder wealth, among the largest one-day destruction of market value that a company has ever suffered. In the earnings release, the company warned of a sharp slowdown in sales growth in coming quarters along with rising spending on security and privacy enhancements.

The Nasdaq 100 Index hit a two-week low thanks to the underwhelming news. The S&P 500 Index and Dow Jones Industrial Average also slumped - even after the government said the US GDP scored its biggest gain since 2014 -- as traders remained focused on corporate performance.

The S&P 500 fell just 0.3% Thursday, to 2,837.44, while the Dow Jones industrial average rose 0.4 percent to 25,527.07. The tech-heavy Nasdaq Composite index was the hardest hit by Facebook's tumble, dropping 1 percent to 7,852.18.

The S&P 500 is up more than 6% this year despite trade tensions surrounding the United States and the Federal Reserve's increases in interest rates. The index ended Thursday only about 1 percent below its high hit on January 26.

"It's a continued reaction to earnings," said Brad McMillan, chief investment officer for Commonwealth Financial Network. "The big thing with Facebook is not what happened to the stock itself but what that means for the market. For the second time in a row, we saw two of the big tech stocks falter and investors are thinking, maybe the future isn't quite as bright as we could've assumed."

Still, Facebook's sharp drop seems to have had a limited effect on the broader market, which has shown signs of gaining traction in recent weeks as companies largely reported strong second-quarter earnings.

It must also be noted that for a loss of this magnitude to be possible in the first place, a company must be gigantic. Facebook achieved its $630 billion valuation (now $510 billion) through an astounding 472% run-up in its stock price since going public. That Facebook is seeing such a big chunk erased shows just how fickle investors can be about companies that already possess such stretched valuations.

Some other market-leading tech stocks that serve as Facebook's mega-cap counterparts Apple (AAPL  ), Amazon (AMZN  ), Netflix (NFLX  ) and Alphabet (NASAQ: GOOGL) all lost more than 1.5% at their overnight lows, and the Nasdaq 100 index dropped 1.4% in regular trading hours.