Yahoo Finance Netflix, Apple Fall Midday as Techs Take Another Hit
Investing.com - Tech stocks were the weak link in the market again midday, as investors remained wary of the riskier higher-priced stocks.
It was the eighth-straight day that the Nasdaq Composite was down more than 1% at some point in trading. The index was down about 0.8% at 12:14 PM ET (16:14 GMT).
The S&P Tech Sector index was the weakest among the sectors, falling about 1.3%.
Heavyweights Apple (NASDAQ:AAPL), Amazon (NASDAQ:AMZN) and Netflix (NASDAQ:NFLX) were all lower in midday trading.
Netflix struggled the most, falling about 2.3%, but it’s not just the company’s shares that are struggling. The company’s junk bonds are facing lots of pressure from short-sellers, Reuters reported.
Bearish bets against the company's $8.4 billion of junk-rated bonds have more than tripled this year to $347 million, an all-time high, according to data from Samuel Pierson, analyst at IHS Markit, Reuters said.
"The short balance in the actual bonds reflects a view that (the bonds) will decline in value if or when they issue more debt," Pierson told Reuters.
Among other struggling equities were Adobe (NASDAQ:ADBE), off about 3.5%, Nvidia (NASDAQ:NVDA), which sank about 3.6%, and Autodesk Inc (NASDAQ:ADSK), which lost 2.3%.
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