Blood-Bath in Nasdaq Stocks

Stocks are under heavy mid-day pressure Friday, led by the blood-letting in high-growth, high-multiple momentum names that litter the Nasdaq. The Nasdaq is down 88 points, or 2%, while the Dow and S&P 400 are lower but down just 0.3% and 0.5%, respectively.

The selling that started in the biotech sector a few weeks back has now carried over into cloud and enterprise software names, Internet and other high-flying tech names.

Looking around the Nasdaq today the carnage is evident: Intercept Pharmaceuticals, Inc. (NASDAQ: ICPT) (-6.6%) FireEye, Inc. (NASDAQ: FEYE) (-6%), Yelp (NYSE: YELP) (-5%), TripAdvisors (NASDAQ: TRIP) (-5%), Amazon (NASDAQ: AMZN) (-4.6%), Netflix (NASDAQ: NFLX) (-4.5%), Tesla Motors, Inc. (NASDAQ: TSLA) (-4.4%), Facebook (NASDAQ: FB) (-3.6%), Biogen Idec Inc. (NASDAQ: BIIB) (-3.5%), The Priceline Group (Nasdaq: PCLN) (-3.5%), Google (NASDAQ: GOOG) (-3.2%), Celgene (NASDAQ: CELG) (-3%) Workday, Inc. (NYSE: WDAY) (-3%), Gilead Sciences (NASDAQ: GILD) (-2.4%), Twitter (NYSE: TWTR) (-1.8%).

Some see the sell-off as the start of a bigger, broader market turn with the Fed aggressively cutting QE and now looking to rate hikes next year. Others see a clear buying opportunity as the U.S. economy stands on its own two feet for the first time since the credit crisis.

You May Also Be Interested In

• Netflix's subscribers, TSMC, Tesla upside - what's moving markets
• Midday movers: Tesla, Blackstone, Las Vegas Sands fall; DR Horton rises
• Morgan Stanley Reiterates Overweight Rating on Tesla (TSLA), 'Waiting for the ‘clearing event’ on EPS'