Weekly Comic: Apple, Tesla Slide Spark Fears Over Tech Bubble

By Jesse Cohen Read More...

By Jesse Cohen

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Investing.com – Stocks on Wall Street closed lower for the second straight session on Friday as another steep decline in Big Tech shares dragged down the market.” data-reactid=”14″>Investing.com – Stocks on Wall Street closed lower for the second straight session on Friday as another steep decline in Big Tech shares dragged down the market.

The Nasdaq Composite 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 S&P 500 declined 0.8% to 3,426.96, after being down as much as 3.1% earlier in the session.

The Dow Jones Industrial Average 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:AAPL) and Tesla (NASDAQ:TSLA) 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:FB), Amazon (NASDAQ:AMZN), Microsoft (NASDAQ:MSFT), and Nvidia (NASDAQ:NVDA), 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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