“Apple shares lost 2.6%, Google parent Alphabet fell 1.2%, Facebook dropped 1.1% and Amazon.com lost 1.2%. Shares of those companies each fell 3% or more Friday,” Gold and Osipovich report. “Several large tech companies have led this year’s rally, prompting concerns that major indexes’ gains have been overly concentrated in a handful of stocks. Tech shares in the S&P 500 have climbed roughly 17% this year, while the Nasdaq has risen 15%.”
“Analysts have cited a series of critical research notes of big-name players like Apple as the trigger for the selloff, but after the run-up, the sector ‘was ripe for a pullback of some sort,’ said Mark Luschini, chief investment strategist for Janney,” Gold and Osipovich report. “The Stoxx Europe 600 dropped 1%, weighed down by a 3.6% drop in the tech sector… Earlier, declines in tech shares also hit stock markets in Asia. Leading the way lower was Hong Kong’s Hang Seng Index, which slid 1.2% amid declines in internet heavyweight Tencent, which had recently climbed to record highs.”
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MacDailyNews Take: The profit taking continues.
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