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Technology stocks rose sharply on Friday after a two-day slump in which the Nasdaq Technology Composite Index briefly fell into correction territory, down 10% from its highs. Recent.
Technology stocks collapsed as stock markets rallied this week amid concerns over rising interest rates, escalating trade tensions and tighter monetary policy. Amazon, Netflix and Alphabet are both in correctional territory after a resounding success this week.
On Thursday, the Nasdaq became the first benchmark index in the US stock market to dive into a correction, falling to 7,274 in intraday trading – a decline of more than 10% from the high of 8133.30 in 52 weeks. A correction on Wall Street is defined as a drop of more than 10% from its peak.
Amazon is one of the best names to buy in this environment, according to CNBC's Cramer. Although Amazon shares are trading at $ 1,776, Cramer said he did not know "when you buy Amazon other than when it's fat and that people are really scared."
Citigroup upgraded Netflix shares on Friday, saying the recent collapse of the stock gave investors an opportunity to buy.
"We view the recent sale as an opportunity to own a high quality recurring revenue franchise with attractive upside potential," said Citi analysts.
Snap and Twitter were both upgraded by Pivotal Research on Friday. Snap was crushed this year, hitting a historic low of $ 6.46 a share on Oct. 11. According to Pivotal, Snap could become private and improve its sources of income. Pivotal said he believes "Snap can" find ways to reverse recent usage trends and generally improve monetization. "
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