Big Tech Selloff Leads Nasdaq to Worst Week in Months by


By Jesse Cohen – The decline in another volatile session on Friday as the ongoing sell off in Big Tech stocks pushed the index into its worst week in months.

The Nasdaq was down 0.6% to 10,853.55, its lowest level since Aug.11.

The eked a small gain, with the benchmark ending around 0.1% on the day at 3,340.97. Meanwhile, the closed up 131 points, or 0.5%, at 27,665.64.

The top three averages posted sharp declines for the week.

The Nasdaq fell 4.1% to mark its biggest weekly decline since March. The S&P 500 had its worst performance in a week since June, down 2.5%. The Dow Jones meanwhile lost 1.7%.

Shares of large tech companies continued to struggle, with Tesla (NASDAQ 🙂 plunging 10.9% this week and Apple (NASDAQ 🙂 falling 7.4%. Facebook (NASDAQ 🙂 and Amazon (NASDAQ 🙂 each lost more than 5%, while Alphabet (NASDAQ 🙂 and Microsoft (NASDAQ 🙂 both lost more than 4%.

The six biggest tech stocks briefly lost more than $ 1 trillion in their collective market cap at one point this week, sparking fears about the tech bubble.

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