While the Nasdaq didn't decline as much as other indices, Friday's action still wasn't pretty for tech stocks.
The tech-heavy Nasdaq declined 2.0% on Friday, compared to the S&P 500's fall of 2.1% and the Dow's almost 700-point decline, or 2.5%.
Some of the biggest tech losers included Apple (AAPL) , which fell 4.3% despite reporting a record quarter on Thursday after the close; Alphabet (GOOGL) , which tumbled 5.3% after missing earnings on Thursday; Alibaba (BABA) , which fell another 2.7% after plunging 6% on Thursday following its Q4 earnings report; Intel (INTC) , which dipped 3.1%; Oracle (ORCL) , which fell 3% and hot chipmaker Nvidia (NVDA) , which fell 2.9%.
Several Apple chip suppliers experienced some collateral damage when Apple gave lower-than-expected guidance on iPhone unit sales for the March quarter. Cirrus Logic (CRUS) , which gets close to 80% of its revenue from Apple, tumbled 7.9%; Skyworks Solutions (SWKS) , which relies on Apple for roughly 40% of its sales, sank 4%; and Quorvo (QRVO) , which gets about a third of its sales from the tech giant, slipped 3.1%.
Managing to buck the trend were Amazon (AMZN) , which was up 2.9% on the back of a blowout quarterly report, and Netflix (NFLX) , which gained almost 1%, still perhaps basking in the glow of its own recent stellar earnings report in which it added subscribers at a dizzying pace.
Is a bigger market pullback coming? TheStreet's CEO David Callaway and Sr. Markets editor Greg Morcroft discuss.
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