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Megacap tech stocks suffered the most under this week's sell-off

In this article:
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Yahoo Finance's Jared Blikre joins the Live show to break down the sustained losses of megacap companies and tech leaders.

Video transcript

[MUSIC PLAYING]

- Well, it's been a wild ride on Wall Street not just today, but throughout the entire week, where volatility rules. And ultimately, end of the day, the NASDAQ down for the seventh straight week. That is the longest losing streak in 21 years. Jared Blikre is here to take a look at the numbers and the big picture takeaway. Hello, my friend.

JARED BLIKRE: Hello. Hello, guys, once here again. I want to take a five-day look at the S&P-- excuse me-- at the YFi Interactive, which I'm controlling remotely here. And we were just going over these numbers about an hour ago, and things looked pretty bad here.

You see Tesla right in the middle there. That's down 13.7%. That's this week alone. Apple is down 6.5%. And I compiled some stats here, and I'm going to be writing about this over the weekend. And I just want to show you guys.

The generals, as I've been talking about, the big guys are getting slaughtered right here. So this is a bubble graph. I'm going to be writing about this. So I'll explain it just more in the article.

But Apple is down an eye-watering $714 billion this year alone. We have Tesla down $435. $138 of that was this week alone. Alphabet down $509 billion. And you add all these up, it comes to about a cool trillion dollars just for some of the top names here.

So you've got to ask yourself, what's going to happen next with these guys?

- What is going to happen next? Because I think that's a question on everyone's mind right now, whether or not the selling that we saw this week, if it's going to continue.

JARED BLIKRE: The selling that we saw this week, it was just very orderly. And that's kind of a problem, because you take a look at some of the chart action here-- I'm going to go back to the YFi interaction and show you how orderly this selling was.

Now check this out. We're going to go back here, and we're going to pull up our world index map. And I'll show you exactly what's going on here, especially in the S&P 500. So here's today's price action, getting a little bit close to the D zone down here. But we did have that last hour rally. That's kind of a plus.

But you take a look at what's happened over the last two days, the last three days, and the last five days, you don't see any capitulation signs in there, really. And that's kind of what you want to see before we hit that market bottom. So as I've been saying, I'm looking at Apple. I want to see Apple kind of capitulate here, not that I'm hoping for lower prices. I'm just looking for a bottom here. And I think we'll get that signal when it's down about 8% to 10%.

I'm also looking at the high-yield market. If you follow that, [? HYG ?] is a ticker. That has not capitulated. So I think there's some room to go to the downside. And I've been saying all week, and so have many Wall Street strategists, that we are ripe for a bear market rally. You can punt those, but don't add money to this market thinking that we're going to get back to all-time highs.

- It sounds like more pain to come. All right, Jared. Thank you, my friend.

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