Apple, Tesla Slide Spark Fears Over Tech Bubble By Investing.com

Apple, Tesla Slide Spark Fears Over Tech Bubble By Investing.com



By Jesse Cohen

Investing.com – Stocks on Wall Street for the second straight session on Friday as another steep decline in Big Tech shares dragged down the market.

The fell 1.3% to 11,313.13. The tech-heavy index was down by as much as 4.6% at its lows of the day. Friday’s downbeat performance came one day after the Nasdaq suffered its worst one-day drop since March.

The declined 0.8% to 3,426.96, after being down as much as 3.1% earlier in the session.

The meanwhile closed 159 points lower, or 0.6%, at 28,133.31. At one point, the 30-stock index fell as much as 628 points, or 2.2%.

For the week, the Nasdaq and S&P 500 both snapped their respective five-week winning streaks, falling 3.3% and 2.3%, while the Dow lost 1.8%.

Shares of major tech companies retreated sharply this week, with Apple (NASDAQ:) and Tesla (NASDAQ:) leading losses. Apple is now 12% away from its all-time high reached earlier in the week, while Tesla is almost 17% below its record peak.

Facebook (NASDAQ:), Amazon (NASDAQ:), Microsoft (NASDAQ:), and Nvidia (NASDAQ:), known as the ‘FATMAN’ group of stocks, are also trading well below their recent highs, sparking fears over the tech bubble.

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