Tech stocks are getting whacked
Here's a look at some of the bigger names ahead of the opening bell:
- Alphabet -0.7% at $963.60
- Apple -1.9% at $146.17
- Amazon -1.1% at $967.25
- Facebook -1.3% at $147.72
- Microsoft -1% at $69.62
- Nvidia -2.9% at $145.26
- Tesla -1.6% at $351.47
On Friday, the tech-heavy Nasdaq hit a record high of 6,341 following a Goldman Sachs note declaring FAAMG as the new acronym for the most powerful tech stocks driving the market. "Indeed, the bigger story in our view is FAAMG - Facebook, Amazon, Apple, Microsoft and Alphabet - a group of five stocks which have been the key drivers of both the SPX & NDX returns year-to date," Robert Boroujerdi and his colleagues wrote in a note.
According to the firm, that group of five stocks had added $660 billion in market value so far in 2017.
But then, Citron Research published a scathing white paper on the graphics-processing-unit manufacturer Nvidia, saying it had become "a casino stock" after soaring more than 16% last Monday through Thursday. Citron said shares would sink to $130 before hitting $180.
Also weighing on tech was a report from Bloomberg suggested the iPhone 8 wouldn't be as fast as its rivals.
The Nasdaq closed down 1.8% on Friday.
