Data gotten from Sundial Capital Research’s Jason Goepfert reveals that the tech stock heavy Nasdaq Composite is being shredded under the surface.
Nearly 40% of the stocks on the exchange have been cut in half, the research shows.
The research firm notes this kind of trading action on the Nasdaq hasn’t been seen since at least 1999.
Some of the largest tech sell-offs have been seen in momentum favorites among traders.
Streaming media player Roku has seen its stock crash 40% in the past three months, according to Yahoo Finance Plus data. Biotech Moderna is down about 30% during that same stretch.
The trading action doesn’t bode well for the Nasdaq this year, Goepfert’s research shows.
When at least 35% of stocks are down by half on the Nasdaq, the index has been down by an average of 47%.