Glory days are over for tech stocks

Earlier this year, ...

Posted: Dec 11, 2018 5:47 AM
Updated: Dec 11, 2018 5:47 AM

Earlier this year, tech stocks were on fire. Now many are struggling, and their prospects don't seem to be getting any better.

Tech has been rattled by the escalating trade war between the United States and China. Relations between the two countries could turn even more sour after Chinese tech giant Huawei's chief financial officer was detained in Canada.

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Meng Wanzhou's arrest at the request of the United States sent shock waves through global stock markets last week. Chinese tech stocks were among the hardest hit.

Meanwhile, a Chinese court banned the sale and import of most iPhone models. The practical effect of the injunction is not yet clear. The ruling was announced publicly Monday but put into effect last week. Apple (AAPL) said in a statement that all iPhone models remain available in China.

In the United States, fears about rising interest rates and slowing growth have sparked an exodus from former tech darlings like Amazon (AMZN) and Alphabet (GOOGL).

For companies like Facebook and Netflix, the economic fears only pile onto existing problems.

Facebook (FB) has lost nearly 20% of its value this year as it tries to fend off crisis after crisis. Netflix (NFLX) is up about 40% for the year, but has been stumbling since the summer when it missed analysts expectations.

Experts are warning investors away from tech companies.

Charles Schwab downgraded tech stocks from outperform to neutral in August. Liz Ann Sonders, chief investment strategist for the bank, said she doesn't see tech stocks returning to leadership roles in the near- or medium-term.

Sonders will join CNN business correspondent Alison Kosik to discuss the tech slump, and her preferred sectors, on "Markets Now" on Tuesday.

"Markets Now" streams live from the New York Stock Exchange every Wednesday at 12:45 p.m. ET. Hosted by CNN's business correspondents, the 15-minute program features incisive commentary from experts.

You can watch "Markets Now" at CNN.com/MarketsNow from your desk or on your phone or tablet. If you can't catch the show live, check out highlights online and through the Markets Now newsletter, delivered to your inbox every afternoon.

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