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.
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Tech stocks are getting whacked again (AAPL, FB, TSLA, NVDA, GOOGL, MSFT)
Apple downgrade weighs on the tech sector.
Apple CEO Tim Cook
Here's a look at some of the bigger names:
- Alphabet
- Apple
- Amazon
- Microsoft
- Nvidia
- Tesla
The Nasdaq Composite actually hit a record on Friday — before reversing directions later — after Goldman Sachs declared
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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.
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