Technology stocks are under pressure ahead of Monday’s opening bell.
Here’s a look at some of the bigger names ahead of the opening bell:
- Alphabet -0.7% at $963.60
- Apple -1.9% at $146.17
- Amazon -1.1% at $967.25
- Facebook -1.3% at $147.72
- Microsoft -1% at $69.62
- Nvidia -2.9% at $145.26
- Tesla -1.6% at $351.47
The tech-heavy Nasdaq Composite actually hit a record on Friday — before reversing directions later — after Goldman Sachs declared FAAMG as the new acronym for the most powerful tech stocks driving the market.
“Indeed, the bigger story in our view is FAAMG — Facebook, Amazon, Apple, Microsoft and Alphabet — a group of five stocks which have been the key drivers of both the SPX & NDX returns year-to-date,” Robert Boroujerdi and his colleagues wrote in a note.
According to the firm, that group of five stocks had added $660 billion in market value so far in 2017.
Then, Citron Research published a scathing white paper on the graphics-processing-unit manufacturer Nvidia, saying it had become “a casino stock” after soaring more than 16% last Monday through Thursday. Citron said shares would sink to $130 before hitting $180.
Also weighing on tech was a report from Bloomberg suggesting that Apple’s iPhone 8 wouldn’t be as fast as its rivals.
The Nasdaq ultimately closed down 1.8% on Friday.
NOW WATCH: The world now has a beer ATM