Updated from 7:45 a.m. ET, on Monday, June 12

A selloff that dragged the Nasdaq from its record highs on Friday, June 9, was set to resume on Monday, June 12, as investors continued to flee high-momentum tech names. 

S&P 500 futures were down 0.21%, Dow Jones Industrial Average futures fell 0.1%, and Nasdaq futures slumped 1%. 

A swift and unexpected selloff in tech surprised markets on Friday. The tech-heavy Nasdaq tumbled 1.8% for the day and 1.55% for the week, its worst performance since the week ended Dec. 16. The Nasdaq had hit an intraday record earlier in the session. The sudden selloff was partially tied to a note from Goldman Sachs that said low volatility in Facebook Inc. (FB) - Get Report , Amazon Inc. (AMZN) - Get Report , Microsoft Corp.  (MSFT) - Get Report and Google parent Alphabet Inc. (GOOGL) - Get Report may be blinding investors to risks including regulation and cyclicality. The firm cautioned investors not to think of the sector as a safe haven. 

Industry leaders bore some of the worst of the sector's losses to end last week. Apple Inc. (AAPL) - Get Report , Alphabet, Alibaba Group Holding (BABA) - Get Report , Facebook, Cisco Systems Inc. (CSCO) - Get Report  and Intel Corp. (INTC) - Get Report were all sharply lower to end the week, while the Technology Select Sector SPDR ETF (XLK) - Get Report  slumped 2.47%.

Cisco, Facebook, and Alphabet are holdings in Jim Cramer's Action Alerts PLUS Charitable Trust Portfolio. Want to be alerted before Cramer buys or sells CSCO? Learn more now.

"Technology stocks have been rallying aggressively in recent times, as momentum-chasing speculators bought names such as Alphabet, Amazon, Apple, Facebook and et al. like there was no tomorrow," said Fawad Razaqzada, market analyst at Forex.com. "Such bullish runs often end abruptly and that is what may have happened [Friday] ... Now that the sector is falling, it could drag the major indices lower and undermine investor confidence in other sectors."

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Apple led Nasdaq futures lower on Monday, falling 2% in premarket trading, after getting hit with another downgrade, its second in a week. Mizuho Securities downgraded its rating to neutral from buy and cut its price target by $10 to $150. Analysts argued that high expectations for the upcoming iPhone 8 have already been priced in. 

"We believe enthusiasm around the coming product cycle is fully captured at current levels, with limited upside to estimates from here on out," analysts wrote in a note. 

A strong performance from Apple shares was also reason to reconsider upward potential, analysts said. Apple has already risen almost 29% this year, far higher than the 8.6% growth in the S&P 500. The Technology Select Sector SPDR ETF has risen more than 15%. 

Last week, analysts at Pacific Crest downgraded their rating on Apple to sector weight and provided a $145 price target. The firm pointed out similar concerns regarding the iPhone 8 and analysts' already-priced-in expectations. 

Apple is a holding in Jim Cramer's Action Alerts PLUS Charitable Trust Portfolio. Want to be alerted before Cramer buys or sells AAPL? Learn more now.

General Electric Co. (GE) - Get Report  surged 3.7% in premarket trading after CEO Jeff Immelt announced his retirement as of Aug. 1. Immelt will continue as chairman until the end of 2017. John Flannery, president and CEO of GE Healthcare, will assume Immelt's chief executive role after his retirement in August and take over as chairman in 2018. 

GE is a holding in Jim Cramer's Action Alerts PLUS Charitable Trust Portfolio. Want to be alerted before Cramer buys or sells GE? Learn more now.

Warner Bros.' "Wonder Woman"dominated the weekend box office again, trumping Tom Cruise's "The Mummy"in its debut weekend. Time Warner Inc.'s (TWX)  "Wonder Woman"brought in $57.2 million in North American theaters over the weekend, while Comcast Corp.'s (CMCSA) - Get Report   "The Mummy"pulled $32.2 million. "Wonder Woman"has earned $205 million in domestic markets over the past two weeks and is the largest blockbuster directed by a female. 

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