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00:00:00
>> The NASDAQ seeing an abrupt selloff Friday, posting its worst week of the year. Tech stocks, which have been on a tear since Donald Trump's election, taking a nosedive. Apple, Facebook, and Google parent, Alphabet, all falling more than 3%, partly because of a cautious Goldman Sachs note on tech stocks.
00:00:19
Reuters markets correspondent, Lewis Krauskopf.>> It's significant because the NASDAQ, and in particular the tech sector, has really lead the broader market rally this year. In particular, the big tech names, and those were the names that got hit today, the NASDAQ ended down 1.8%.>> Investors showing no love for Apple Friday, after reports that the new ten year anniversary iPhone, set to launch later this year, will use chips with slower download speeds than some rival smartphones, another big loser?
00:00:47
Wall Street favorite Nvidia closing down nearly 7%.>> So Nvidia is a chip maker, and that stock has been like a rocket ship, I mean, it has shot up over the last couple of years. But today you had a negative report out from Citron Research, which is a well known short selling research firm, and they came out by saying that the stocks were traded at $130, which was about $30 below where it was at the time, and then you saw Nvidia shares sell off.
00:01:15
>> Also worth noting, lagging sectors this year, financials and energy, up today, suggesting part of Friday's NASDAQ upset, could have been investors cashing in some of their winnings to buy stocks that have room to grow.