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Afternoon tumble for tech led by FAAMG, chips

Published 06/09/2017, 01:51 PM
Updated 06/09/2017, 01:51 PM
© Reuters.  Afternoon tumble for tech led by FAAMG, chips

© Reuters. Afternoon tumble for tech led by FAAMG, chips

  • Nvidia is down 6% after Citron likened the high-riser's gains to "frenzied casino action." Other chip names: Advanced Micro (AMD -5%), Cirrus Logic (CRUS -4.9%), Cypress Semi (CY -3.4%), Texas Instruments (TXN -2.5%).
  • Notable ETFs: SOXL, SMH, SOXX, USD, XSD, PSI, SOXS, SSG, XTH, FTXL
  • Meanwhile in the large-cap names, Goldman's Robert Boroujerdi says the one-way direction (up) is leading investors to underestimate risks. He notes that if FAAMG were its own sector, it would have lower realized volatility than consumer staples and utilities.
  • Apple (AAPL -3.4%), Facebook (FB -2.6%), Google (GOOG -2.5%), (GOOGL -2.6%), Amazon (AMZN -2.1%), Microsoft (MSFT -2.6%), and Netflix (NFLX -4%) (for FAANG fans).
  • The Nasdaq is down 1.4% vs. the S&P 500 flat, and the Dow modestly in the green.
  • Broad tech ETFs: XLK, VGT, TECL, FTEC, IYW, ROM, RYT, QTEC, IGM, TECS, FXL, MTK, REW, JHMT, XITK, TECZ, TCHF
  • Now read: AMD: A Big Winner From Apple's Developer Conference


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