“U.S. stocks came off their highs of the session on Friday, with the Nasdaq reversing an early gain that took it to a record as the technology sector abruptly turned lower in afternoon trading, something analysts credited to profit-taking after recent strength,” Barbara Kollmeyer and Ryan Vlastelica report for MarketWatch.
“The Dow Jones Industrial Average rose 87 points, or 0.4%, to 21,270. The S&P 500 added 6 points to 2,440, a rise of 0.2%,” Kollmeyer and Vlastelica report. “The Nasdaq Composite Index fell 35 points to 6,287, a decline of 0.6%.”
“All three had hit intraday records in morning trading, but the sudden tech retreat pushed the Nasdaq into negative territory for the week,” Kollmeyer and Vlastelica report. “Apple Inc. tumbled 2.6%, weighing on the overall technology sector, which fell 1.2%. Other major tech stocks were also sharply lower. Facebook Inc. fell 1.4% while Alphabet Inc. the parent of Google, was down 1.2%. ‘All these stocks have hit new highs recently, so now people are taking a pause and we’re seeing the money flow out,’ said Doug DePietro, managing director for trading at Evercore ISI. ‘There’s nothing in the news that’s saying, ‘sell the big tech stocks’; this is just simple profit-taking, a rotation to other names.'”
Read more in the full article here.
MacDailyNews Take: It’s profit-taking Friday!
Look at graphs it’s the same dropoff across all major tech stocks, coordinated selloff by several large Hedge Funds.
Yep not a day to look at your stock portfolio, ouch!
Time to buy some shares. 🙂
That’s Apple for you. Despite all the talk about the FANG stocks being overvalued and yet Apple with all of its revenue, profits, dividends, and huge cash reserve have to be the biggest flopper on the stock market.
Apple, one of the most profitable companies on the planet down nearly 5%. Tesla which has never turned a profit only down 4%. Yup, all the FANG stock except for Netflix are all doing better than Apple. Yeah, even Microsoft isn’t down as much as Apple. So, it goes. When the market tanks, Apple continues to lead the way. I suppose a P/E of 18 is too much for Apple to hold onto because it implies ultra-high risk.
/s
When I see stock market days like today, I really have to question if Apple will ever get close to its higher price targets. Apple continually faces stronger headwinds than any other major tech stock. Scared Apple investors are always in a hurry to dump the stock for any reason which pretty much sucks.
The drop started this morning when Goldman published a report saying that FAAMG were a bubble and cautioned against them.
Let me guess. The Vampire Squid bought a bunch of Put options just prior to releasing that note.
Vampire Squid is right !!!
Goldman Sachs – creator of market collapses since at least 1929.
Happens every Friday
👻 ‘BOO!’
🐂 ‘MOO!’