It’s looking rough for tech stocks early Thursday, as the Nasdaq-100 is poised to fall sharply.
Tech stocks XLK, -0.48% saw heavy selling on Monday and last Friday, with the Nasdaq Composite COMP, -0.41% losing 2.3% over those two sessions. But they rallied Tuesday and then pulled back modestly Wednesday.
Their recent slump has coincided with widespread worries that they’ve become too pricey due to big year-to-date gains. Some traders are saying another leg down is underway after the mid-week breather:
— XM Capital (@XMCapitalGroup) June 15, 2017
The Nasdaq-100 is a closely followed tech gauge, with household names for its five largest components: Apple AAPL, -0.98% , Google parent Alphabet GOOG, -0.28% GOOGL, -0.26% , Microsoft MSFT, -0.54% , Amazon.com AMZN, -0.44% and Facebook FB, -0.29% .