“We are seeing pretty large rotation from tech stocks” into “reopening plays,” one investment analyst tells TheWrap — but that doesn’t mean tech is suddenly on its death bed
Wall Street’s bull run, which started at the end of March and gained momentum over the summer, has abruptly run into a brick wall over the last few days. For the tech world, it has been especially painful.
Since closing at a record high of 12,056 last Wednesday, the tech-heavy Nasdaq has taken a beating, falling 10% over the next three trading sessions, including a 4.1% drop on Tuesday. Several tech giants have borne the brunt of the recent downturn: Facebook and Amazon are both down about 10%, Apple has dropped 18% and Tesla — which had been the rally’s flagship — has plunged 30% since the middle of last week. Netflix and Roku, meanwhile, have also dipped 8% and 11%, respectively. In short: it’s been ugly for tech.