Stocks tumbled Thursday as some of the biggest U.S. tech stocks weren’t spared in the major stock market selloff as the markets reacted to Russia’s invasion of Ukraine.
Apple, Microsoft, and other Big Tech led the market selloff with futures that track the Nasdaq 100, which consists of the largest constituents in the tech heavy Nasdaq Composite index, indicating an open lower of 3.2%.
If the index opens that low, it would bring its decline so far this year to more than 20%. It would also signal the start of a bear market for tech stocks for the first time in nearly two more years, with the Nasdaq 100 more than 20% lower from its recent high in mid-November.
Apple stock was down 4.4% in premarket trading, with Microsoft shares falling 3.3%. Others in Big Tech like Google parent Alphabet, Amazon.com, Netflix, Nvidia, and Facebook parent Meta Platforms notched similar premarket declines.
MacDailyNews Take: While this will unfortunately get worse before it gets better, this too shall pass.
Apple shareholders should not panic.
Be fearful when others are greedy and greedy when others are fearful. – Warren Buffett
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