Investors Poured a Massive Amount of Money Into Tech Stocks Right Before the Selloff [Bloomberg Business News]
Meta Platforms, Inc. - Class A (FB)
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Source: Bloomberg Business News
Investors poured cash into technology shares last week at a rate not seen since the height of the dot-com bubble. But that changed Monday, as the group is getting routed. The Nasdaq 100 Index sank 1.3 percent as of 10:09 a.m. in New York. Facebook Inc. led the drop, tumbling 5.7 percent after reports that a political advertising firm retained information on millions of users without their consent. Apple Inc. also roiled the sector, as plans to build its own displays weighed on suppliers around the globe. The selloff comes after investors last week pumped $3.3 billion into the PowerShares QQQ Trust Series 1, the biggest exchange-traded fund tracking the technology index, on speculation the group would continue its market-beating run. The Nasdaq 100 was up almost 10 percent this year through Friday, more than triple the S&P 500 Index’s return. “Nothing really positive has happened in tech, but it continues to receive inflows due to the fact that port
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