A mass sell-off in big-name stocks has sent the NASDAQ down by over 2 percent on Thursday. Leading the downward charge is Zoom which has fallen by as much as 11 percent during the day.
Elsewhere Apple is down by over 5 percent, Tesla 7 percent with Facebook and Amazon down by over 4 percent.
Shares in Tesla have come tumbling down since its share split – rising to nearly $500 USD per share before falling down to $418 USD per share in a matter of days.
The fall in these big-name stocks and the peak of NASDAQ’s ever-advancing peaks has fueled thoughts that unrealistic premiums have been priced on shares in the technology sector against an uncertain macro environment.
Time will ultimately tell if this is just a natural short-lived downturn or if it is the start of a more enduring downturn in the valuations of some of these bluechip technology companies.