>> Tech stocks continuing their steep fall Monday after the NASDAQ plummeted more than 2.5% in the last trading session. Making this the largest two day decline for the NASDAQ in nearly a year. Reuters financial markets editor Dan Burns explains.>> Tech had been the clear momentum leader through most the year, right.
The NASDAQ was up 17% through last Thursday. Apple, Facebook, Amazon, Alphabet, they were all up 34, 35, 36%. So they had to have tremendous runs, real momentum, a lot of investors had begun to get really overweight in there. But clearly, at some point in the day on Friday, some big money really began jumping ship.
Not just off of Apple, but off of all five, and their now the five largest companies in the US market. So when they started going south, it really took the whole market with it.>> Shares of Apple taking one of the biggest hits in the last two trading days.
Zoho securities taking the stock off its buy list. But Burn says despite the sudden downturn for the stocks of the largest companies in the US, it's unlikely to be a precursor to a broader decline.>> Even with all this ruction being caused by the biggest names in that market, between the NASDAQ and the NYSE,160 more stocks made new 52 week highs today, than those that made new lows.
That doesn't look like a market that's ready, in a broad way, to fall.