Tech is looking terrible.
The tech sector fell into the red on Monday as worry over tech valuations grew. Since Facebook Inc. (FB - Get Report) and Netflix Inc. (NFLX - Get Report) both whiffed on growth numbers when they announced earnings earlier this month, tech has been hit hard.
Twitter was down over 8%, and both Facebook was down nearly 5% and Netflix was down over 5% in afternoon trading.
But those aren't the only high-profile stocks that are falling. Alphabet Inc. (GOOGL - Get Report) was down over 2% despite posting positive earnings last week. Amazon.com Inc. (AMZN - Get Report) was down nearly 3%, as was Apple Inc. (AAPL - Get Report) ahead of its earnings report on Tuesday. Microsoft Corp. (MSFT - Get Report) was down over 2.5%. Cloud King Adobe (ADBE - Get Report) tanked 5.5%.
Palo Alto Networks Inc. (PANW - Get Report) fell over 6%. Paypal Holdings Inc. (PYPL - Get Report) was down nearly 3%. In an article from TipRanks, Paypal was ranked as one of the best tech stocks "to beat the market."
Even the video game sector was getting hit. Take-Two Interactive (TTWO - Get Report) , which announces earnings on Thursday, August 2, was down over 8%. Electronic Arts Inc. (EA - Get Report) was also down, falling around 6%. Activision Blizzard Inc. (ATVI - Get Report) fell more than 4.7%.
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