Tech is looking terrible.
The tech sector fell into the red on Monday as worry over tech valuations grew. Since Facebook Inc. (FB) and Netflix Inc. (NFLX) both whiffed on growth numbers when they announced earnings earlier this month, tech has been hit hard.
Twitter Inc. (TWTR) , which posted earnings on Friday, July 27, also showed slow user growth.
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) was down over 2% despite posting positive earnings last week. Amazon.com Inc. (AMZN) was down nearly 3%, as was Apple Inc. (AAPL) ahead of its earnings report on Tuesday. Microsoft Corp. (MSFT) was down over 2.5%. Cloud King Adobe (ADBE) tanked 5.5%.
Even the video game sector was getting hit. Take-Two Interactive (TTWO) , which announces earnings on Thursday, August 2, was down over 8%. Electronic Arts Inc. (EA) was also down, falling around 6%. Activision Blizzard Inc. (ATVI) fell more than 4.7%.
Alphabet, Amazon, Microsoft, Apple, Paypal and Facebook are holdings in Jim Cramer's Action Alerts PLUS member club. Want to be alerted before Jim Cramer buys or sells FB, AMZN, AAPL, MSFT, PYPL or GOOGL? Learn more now.