Nasdaq, Tech Stocks Continue Seeing Pressure

China Internet stocks are seeing some modest pressure Monday on speculation that recent gains over the last fw years might mean that the stocks are somewhat overvalued.

Adding to fears is the upcoming IPO of Sina's (Nasdaq: SINA) Weibo. The company plans to sell 20 million shares for $17 to $19 each, according to a regulatory filing made last Friday. That fell short of some estimates. At $19 apiece, Weibo would draw a valuation of $3.9 billion, or 21 times 2013 sales. By comparison, microblogging giant Twitter (NYSE: TWTR) goes for 30 times sales.

U.S. tech stocks haven't been impervious, either. Last Friday, the Nasdaq (Nasdaq: QQQ) fell 2.6 percent, with names like Google (Nasdaq: GOOG) and Facebook (Nasdaq: FB) leading the drop. It was the sharpest fall for the exchange since 2012.

However, some analysts and market watchers believe the U.S. and other markets are seeing economic recoveries firm. While tech names might still be stuck in a pullback, smart money might be putting more money to work on the dip.

The Nasdaq is down 1.7 percent and is off 3.3 percent from the end of March.

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