Technology stocks are under pressure on Monday with the tech-heavy Nasdaq trading down 1% in the opening minutes of action. The early selling comes after a decline on Friday spilled over into both Asia and Europe on Monday. Additionally, Mizuho analyst Abhey Lamba lowered his price target for Apple from $160 to $150.
Here’s a look at some of the bigger names:
- Alphabet -2.3% at $947.55 Apple -3.3% at $144.14 Amazon -1.9% at $959.34 Facebook -1.2% at $147.87 Microsoft -1.4% at $69.31 Nvidia -3.1% at $145.03 Tesla -0.5$ at $355.62
The Nasdaq Composite actually hit a record on Friday – before reversing directions later – after Goldman Sachs declared 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.
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 suggesting that Apple's iPhone 8 wouldn't be as fast as its rivals.
The Nasdaq ultimately closed down 1.8% on Friday.