Technology stocks are under pressure on Monday with the tech-heavy Nasdaq trading down 1% in the opening minutes of action.
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.