While tech stocks didn't escape unscathed from Monday's big market sell-off, they did fare a bit better than their peers in other sectors.
While the Dow Jones Industrial Average plummeted 4.6%, or 1,175 points, and the broader S&P 500 tumbled 4.1%, the tech-heavy Nasdaq fell just 3.9%. The same dynamic held true during Friday's sell-off, when the Nasdaq declined 2.0%, compared to the S&P 500's fall of 2.1% and the Dow's 2.5% decline that shaved 666 points from the index.
"The secular growth stories in technology with their underlying fundamentals has been a savior for a lot of these tech names," said Daniel Ives, chief strategy officer and head of technology research at GBH Insights. "Valuations on a lot of these names, given their growth prospects, repatriation of cash, stock buybacks and M&A make a lot of them very attractive."
Nevertheless, Ives said the next few days will be pivotal for tech stocks and the market as a whole as we see whether buyers will be willing to come back into the market.
"When the market goes up 1,000 points, no one talks about it, but when it goes down 1,000 points, people get paralyzed." Ives said.
Notable losers on Monday included Alphabet (GOOGL) , which missed earnings estimates last week and fell 5.1% on Monday; Facebook (FB) , which raised some concerns about user growth in its quarterly earnings and fell 4.1%; and Netflix (NFLX) , which posted a blowout report for Q4 and dropped 4.8% on Monday. Shares of all three, as well as that of the other FANG stock, Amazon (AMZN) , are still positive for the year, however.