Tech stocks fall again on Wall Street after Friday hammering

US tech shares were seen lower again on Monday after having dropped 2.4% last Friday, wiping $140bn off some of Wall Street's biggest stocks.

The Nasdaq 100 hit record highs in the first few months of 2017, before dropping at the end of last week.

Netflix and Apple were two of the main culprits in early trading on Monday, with the former seeing losses of 3.64% and the latter 2.77% lower, both as of 16:07 BST.

The Nasdaq was down 0.91% at the same time, having gained over 27% in the last 12 months.

The losses have now spread to European tech firms, with the Stoxx Europe 600 Technology index down 3.7% earlier today.

According to Neil Wilson, ETX Capital senior market analyst, the sell-offs can be attributed to a Goldman Sachs report which concluded the big tech stocks were no longer presenting value.

“It’s all come off the back of a Goldman Sachs report warning that some of the big tech stocks were looking a touch overvalued,” Wilson said. “That spooked investors and saw anyone hanging on the momentum play taking profits.”

“A correction isn’t necessarily a bad thing and the sell-off so far hasn’t rattled the rest of the market despite the biggest technology companies accounting for about a third of all the gains on the S&P 500 this year. The Nasdaq’s falls are not being matched by the wider S&P 500 or the Dow,” he added.