After two days of carnage, U.S. tech stocks were rebounding on Friday, Oct. 12.
The tech-heavy Nasdaq rose more than 2% on Friday morning, but has settled at 1.55% at last check. The Nasdaq fell more than 4% on Wednesday and the selloff continued Thursday. FAANG stocks took a beating. Facebook Inc. (FB) , Apple Inc. (AAPL) , Amazon.com Inc (AMZN) , Netflix Inc. (NFLX) and Google (GOOGL) , a subsidiary of Alphabet Inc. (GOOGL) , got hit hard.
But much of the FAANG group was rebounding Friday. Here are some of the top gainers.
Autodesk Inc. (ADSK) , a $30 billion software company, rose more than 6% in early trading, and settled at above 4%. Nvidia Corp. (NVDA) rose more than 5%, then settled at just above 3%. Netflix gained 5%, settling at a sub 4% gain, and Amazon.com Inc. was up more than 4%. It settled at just below a 3% gain.
"The Nasdaq has seen double digit returns year to date, so it's likely that investors are just returning to what they know has been a strong performer lately," Mike Loewengart, vp of investment strategy at E*trade told TheStreet. Of course now the Nasdaq's year-to-date gain is just above 7% as a result of this weeks selling action. He added, "That's not to say we won't see turbulence in the FAANGs in the near future-with key names starting to release earnings next week, investors would be wise to keep an eye on profitability and user growth versus analyst expectations."
Other notable gainers include Activision Blizzard Inc. (ATVI) , which rose more than 5% and settled just below that, and Take-Two Interactive Software Inc. (TTWO) , which rose more than 5%, settling at just above 4%. Both are video gaming stocks.
TheStreet's Jim Cramer will be hosting a teach-in Saturday, Oct. 13, where he and other experts will discuss where FAANG stocks could be headed and how to make sense of the currently volatile tech market. Your can register for the event here.