Technology took a rare break from the rest of the market on Wednesday, with the tech-heavy Nasdaq trailing the Dow Jones Industrial Average and S&P 500. This weakness continued Thursday morning, the Nasdaq and major stocks like Apple dropping early in the session. .
The tech sector of the S&P 500 is down more than 3%, posting the worst day since June 11.
Still, the Nasdaq has gained around 34% this year and closed above its 200-day moving average for 83 consecutive sessions. This constant force, along with volatile spikes in some individual stocks, drew comparisons to the infamous tech bubble of two decades ago.
“There is a visible echo of 1999-2000 in markets and market behavior,” Berenberg said in a note to clients.