America’s Five Biggest Tech Stocks Lost $97 Billion Friday

An anonymous reader quotes CNBC:
The so-called “big five” — Apple , Alphabet Class A shares, Microsoft , Facebook and Amazon — lost more than $97.5 billion in market value between the close on Thursday and the close on Friday, according to FactSet, dragging the Nasdaq to its worst week of the year. Shares of Apple fell nearly 4 percent on Friday, while the other four companies fell more than 3 percent. For most of the day, only 3 stocks in the S&P 500 tech sector were in the green: IBM , Teradata and Western Union . Apple, Facebook, Amazon, Netflix, and Alphabet all traded more than 2 times their 30-day average volume… “They’re just plain overbought,” said David Bahnsen founder, managing director and chief investment officer of The Bahnsen Group, a private wealth management firm. “They are extremely stretched from a valuation standpoint.”
CNN notes the drop occurred “after a Goldman Sachs analyst questioned this year’s run-up in the industry’s five biggest names.” They also added that “The top five techs today account for 13% of the market value weighting in the S&P 500, even though they are only 1% of the companies in the index.”


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