The Stock Market Badly Hopes the Surprising Tech Rout Is Over – TheStreet.com

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The market hopes to put tech’s issues in the rear-view mirror this coming week. 

Dow futures were up 24 points as of 6:20 p.m. EST on Sunday. S&P 500 and Nasdaq futures each gained about 2 points.

The negative bias in red-hot tech stocks such Apple (AAPL) and Facebook (FB) will likely be on Wall Street’s minds to kick off the week. 

A major selloff in tech stocks dragged the Nasdaq underwater for much of last week. The tech-heavy index ended Friday, June 16, with its fifth loss in six sessions and another weekly loss. The Nasdaq hasn’t seen a back-to-back weekly loss since April.

The Nasdaq ended the week with a loss of 0.9%. Meanwhile, the Dow Jones Industrial Average ended with a weekly gain of 0.5%, its fourth in a row. The S&P 500 was 0.06% higher.

Since the Nasdaq hit a high of 6,321.76 on June 8:

Netflix: -8.5%
Apple: -6.9%
Alphabet: -4.4%
Facebook: -3.2%
Microsoft: -2.9%

— Brian Sozzi (@BrianSozzi) June 17, 2017

Despite major selloffs for the Nasdaq, most analysts do not see reason to worry nor lose faith in the current bull market.

“We haven’t really seen any significant technical breakdowns at this point,” Tony Bedikian, head of global markets for Citizens Bank, told TheStreet. “We’ll obviously be keeping a very close eye on any sector rotations and if there’s any significant pullback in the broader indexes over the coming weeks but nothing that we’re predicting at this point.”