Big Tech Tumbles. Nasdaq 100 Could Open in a Bear Market After Russia Attacks Ukraine.
Some of the biggest U.S. tech stocks and investor favorites weren’t spared in the major stock market selloff Thursday as Wall Street reacted to the Russian invasion of Ukraine.
Apple , Microsoft , and other Big Tech led the market selloff with futures that track the Nasdaq 100, which consists of the largest constituents in the tech heavy Nasdaq Composite index, indicating an open lower of 3.2%.
If the index opens that low, it would bring its decline so far this year to more than 20%. It would also signal the start of a bear market for tech stocks for the first time in nearly two more years, with the Nasdaq 100 more than 20% lower from its recent high in mid-November.
Apple (ticker: AAPL) stock was down 4.4% in premarket trading, with Microsoft (MSFT) shares falling 3.3%. Others in Big Tech like Google parent Alphabet (ticker: GOOGL), Amazon.com (AMZN), Netflix (NFLX), Nvidia (NVDA), and Facebook parent Meta Platforms
(FB) notched similar premarket declines.
The rout comes as highly valued, high-growth tech stocks already have been hard this year as rising interest rates reduce the value that investors put on future earnings.
Write to Lina Saigol at [email protected]
