Tech stocks dropping, Apple leading the way

Technology stocks have been taking a beating in the past few weeks and Apple is leading the way with investors dumping shares at a higher than normal pace. Apple had been riding a pretty good surge for quite some time but has seen a 7% drop in the past 5 days alone. Alphabet (Google), Facebook, and Amazon have al seen 4-5% drops during the same period as for some reason investors are trying to shed technology shares from their portfolios. A few of these companies are probably a bit inflated in their values so it was a matter of time before this happened but only time will tell how much the big technology players lose in stock value before it bottoms out. Reuters has the story.

Shares of Apple have been more bruised than those of other Silicon Valley heavyweights by a technology stock selloff this week, with many on Wall Street cautious following the iPhone maker's rally in recent months.

While its stock may not appear expensive in terms of expected earnings, some investors believe further gains in Apple will be less likely as an expected iPhone launch approaches.

"Anticipation of a new iPhone has been out there for a while now, and maybe we're entering a period where the stock is topped out," said Tim Ghriskey, chief investment officer of Solaris Group in Bedford Hills, New York. Apple accounts for about 4.5 percent of his firm's equity exposure.