Tech stocks tumble, taking down Nasdaq as big names sink..Is the writing on the wall!

Technology stocks sold off sharply on Friday, taking a toll on the Nasdaq and dragging on other major Wall Street indexes, which touched record highs earlier in the day. The technology sector .SPLRCT, which soared this year and led the market’s rally, finished down 2.7 percent, after paring declines. But financials .SPSY and energy .SPNY, which have lagged the broader rally this year, were strong. Energy gained 2.5 percent and financials rose 1.9 percent. “It is a rotation today and it is out of tech into some of the other sectors,” said Mark Kepner, managing director of sales and trading at Themis Trading in Chatham, New Jersey. Apple Inc (AAPL.O) shares fell 3.9 percent in their biggest daily percentage decline since April 2016 and were the biggest weight on the three major indexes, after a report that iPhones to be launched later this year will use modem chips with slower download speeds than some rival smartphones……..Read More