All about expectations...
"Apple was worth more than $1 trillion at the start of November. Now, it’s valued at $880 billion.Amazon, Apple and Facebook Once Led the Market. Now They Are Driving it Down. | NYT
The mighty tech titans and their seemingly endless pipeline of profits, which powered one of the longest bull markets in stocks, are looking a little less invincible. Shares of Apple and Google’s parent company, Alphabet, are down more than 10 percent since the market peaked, while Facebook and Amazon have dropped more than 20 percent.
Investors’ faith has been eroded by slowing growth and a trade war with China, as well as a steady stream of revelations about privacy lapses, security issues and mismanagement. If tech stocks cannot shake the fears, the rest of the market could feel the pain."