The market's favorite technology stocks are tanking as investors are growing concerned over the companies' ambitious growth targets after disappointing financial results from Facebook and Netflix this month.

The NYSE FANG+ index is down more than 10 percent from its high of 3,062.88 in mid-June after its 2.8 percent drop Monday to the 2,734 level.

FANG is an acronym created by CNBC's Jim Cramer for the top-performing technology stocks — Facebook, Amazon.com, Netflix and Alphabet (formerly Google).

The NYSE FANG+ index tracks the performance of FANG stocks along with several other high-growth technology shares such as Nvidia, Baidu and Tesla.

Larry McDonald of The Bear Traps Report and a CNBC contributor pointed to several reasons beyond the Facebook and Netflix earnings disappointments for the drop including the rising dollar hurting overseas profits and the risk of a political backlash against these tech giants here and around the globe.