Big Tech Selloff Drags Nasdaq To Worst Week In Months By

Big Tech Selloff Drags Nasdaq To Worst Week In Months

By Jesse Cohen – The declined in another volatile session on Friday as the ongoing sell-off in Big Tech shares dragged the index to its worst week in months.

The Nasdaq fell 0.6% to 10,853.55, its lowest level since August 11.

The eked out a small gain, with the benchmark index ending up about 0.1% on the day at 3,340.97. Meanwhile, the closed up 130 points, or 0.5%, at 27,665.64.

All three of the major averages posted steep declines for the week.

The Nasdaq slumped 4.1% to notch its biggest weekly fall since March. The S&P 500 had its worst one-week performance since June, dropping 2.5%. The Dow meanwhile lost 1.7%.

Shares of the major tech companies continued to struggle, with Tesla (NASDAQ:) plunging 10.9% this week and Apple (NASDAQ:) tumbling 7.4%. Facebook (NASDAQ:) and Amazon (NASDAQ:) each lost more than 5%, while Alphabet (NASDAQ:) and Microsoft (NASDAQ:) were both down 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 over the tech bubble.

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