The tech stock market is under new pressure today as a massive reverse at tech sell-off happens which sent the majority of US stocks such as NASDAQ and S&P 500 into the bearish market once again after having record setting highs on the recent quarter performance report.
The sudden drop in the tech market came in an astonishing time after sharp increases from the recent quarter performance results; midday trading was bombarded with the tech heavyweights getting caught in the jet stream of the corporate earnings season.
US Stocks Down
The sharp tech sell off manages to bring down the major US Stocks; the NASDAQ was hovering over the 2,475.42 levels which are 0.6% lower and dipping to a flat 1%. While the S&P 500 was also hovering over the 6,382.19 territory which is at a 0.1% low; it will take one of the heaviest hit as tech stocks closed at around 0.8% decrease.
The giant tech companies that are under S&P 500 such as; Apple (NASDAQ:AAPL), Google (NASDAQ:GOOGL), Microsoft (NASDAQ:MSFT), NVIDIA (NASDAQ:NVDA), and Amazon (NASDAQ:AMZN) were dropping major gains they got after record high quarter performance. Even the recent gains the e-commerce giant, Amazon, were disregarded after the massive quarter performance it provided. Now, most of these tech stocks are in the bearish territory.
On the other hand, Dow Jones Industrial was not caught on the massive sell-off; the stock manages to perform well beyond its peers and closes at 85.54 points higher at the 21,796.55.
Massive Week for Tech Stock
The earnings season has recently passed, and the tech stocks had a massive run and highlights are just popping from left to right; they managed to surpass the dot com era that took them a good 17 years to take command again after bubble bursts. Companies such as Facebook (NASDAQ:FB), Microsoft, and Amazon were in the spotlight after having a good run of the week, although the luck may have turned just before the week ends.
Last week, it was a topsy-turvy roller coaster ride for the stocks; they hit a massive sell off just before the weekends and posed a severe problem for the stocks. But o the brighter side, it has been a great and a positive week for tech stocks shattered most of forecasts and expectations for their quarter performance.