Tech's troubles are not over yet.
 | TUE, SEP 08, 2020 | | | | DOW | | NAME | LAST | CHG | %CHG | | AAPL | 112.82 | -8.14 | -6.73% | | MSFT | 202.66 | -11.59 | -5.41% | | INTC | 48.91 | -1.17 | -2.34% | |
| | S&P 500 | | NAME | LAST | CHG | %CHG | | AAPL | 112.82 | -8.14 | -6.73% | | GE | 6.14 | -0.28 | -4.36% | | F | 7.03 | +0.13 | +1.88% | |
| | NASDAQ | | NAME | LAST | CHG | %CHG | | AAPL | 112.82 | -8.14 | -6.73% | | TSLA | 330.21 | -88.11 | -21.06% | | AAL | 13.63 | +0.02 | +0.15% | |
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Tech's troubles are not over yet. Shares of the major technology-related companies on Tuesday were once again under pressure as investors continued taking profits from some of the best-performing stocks this year. Facebook and Amazon each slid more than 4% and Alphabet dropped 3.6%. Microsoft and Apple were down 5.4% and 6.7%, respectively. Netflix lost 1.8%. Over the past week, the S&P 500 tech sector has more than 10%.  To be sure, tech is still up more than 22% year to date even after its recent downturn. Several strategists think this is merely a corrective period for the sector following its massive gains that lifted the broader market back to all-time highs. "The sector is expensive, but not in a bubble," said Mark Haefele, CIO at UBS Global Wealth Management, in a note. "The US tech sector has climbed to its highest post-dotcom valuations … using the tech-heavy NASDAQ composite as a proxy, valuations are still well below levels seen at the height of the dotcom bubble of the late 1990s levels, when the index forward P/E rose above 70x." "In our view, the [tech] sector looks appropriately valued relative to other sectors given current expectations for future cash flows and discount rates," Haefele said. Subscribe to CNBC PRO for exclusive insights and analysis, and live business day programming from around the world. |
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