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For the second week, there’s been another downgrade for Apple (AAPL) and, like last time, all the other FANGs followed Apple down. After Friday’s selloff in the tech sector that saw the Nasdaq (^IXIC, QQQ) plunge 1.8% and the S&P 500 (^GSPC, SPY) slip 0.1%, traders were hoping for a little reprieve. Then the Nasdaq had its biggest two-day slide since December, closing down at -32.45.
The broad markets have been relatively benign, but trading beneath the surface has been ferocious.