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Tech Down As Rotation Out Of Sector Continues -- Tech Roundup

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09/18/2020 | 06:25pm EDT

Shares of technology companies fell as a rotation out of the sector continued.

After a seemingly unstoppable rise since March, "mega cap" tech stocks have fallen sharply this month, with the Nasdaq 100 on pace for its largest monthly decline since the financial crisis.

The speculation in tech stocks has been reminiscent of the late 90s, said one strategist.

"There was this cultlike fervor and again it was something akin to you couldn't fight it because the market kept going up," said Quincy Krosby, chief market strategist at Prudential Financial.

"And that fear of missing out ultimately grabbed most people because you wound up looking foolish as you watched people making so much money."

The Commerce Department ordered that U.S. downloads of TikTok and fellow Chinese app WeChat cease after Sunday night. WeChat also will be banned from processing payments and using U.S.-based web-hosting and content-delivery services at that point as well as from using its "constituent code" within the country's borders.

The orders followed efforts from Oracle and others to strike a deal to buy the U.S. operations of video-sharing app TikTok.

 

Write to Rob Curran at rob.curran@dowjones.com


Stocks mentioned in the article
ChangeLast1st jan.
DJ INDUSTRIAL -2.29% 27685.38 Delayed Quote.-2.99%
NASDAQ 100 -1.61% 11504.518824 Delayed Quote.33.89%
NASDAQ COMP. -1.64% 11358.936824 Delayed Quote.28.71%
PRUDENTIAL FINANCIAL, INC. -3.36% 66.42 Delayed Quote.-29.14%
S&P 500 -1.86% 3400.97 Delayed Quote.5.27%
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Technical analysis trends NASDAQ 100
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Top / Flop NASDAQ 100
DEXCOM, INC. 418 Delayed Quote.1.70%
ZOOM VIDEO COMMUNICATIONS, INC. 517.79 Delayed Quote.1.23%
REGENERON PHARMACEUTICALS 585.74 Delayed Quote.1.02%
NETEASE, INC., 86.71 Delayed Quote.0.98%
CITRIX SYSTEMS, INC. 123.82 Delayed Quote.0.90%
ROSS STORES, INC. 91.64 Delayed Quote.-3.97%
BOOKING HOLDINGS INC. 1749.29 Delayed Quote.-4.07%
MARRIOTT INTERNATIONAL., INC. 96.02 Delayed Quote.-5.64%
ULTA BEAUTY 220.97 Delayed Quote.-6.01%
WORKDAY INC. 210.33 Delayed Quote.-6.16%
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