Monday is shaping up to be a terrible day for the Nasdaq, as the Nasdaq composite slides 1.2 percent, and the more focused Nasdaq 100 index is down 1.0 percent, after bouncing back from its lows. What's notable is that a third of the decline in the Nasdaq 100 can be pegged on just three stocks that have been major tech darlings over the past year: Google, Facebook and Amazon.
"Ultimately, today, it's driven by the big names," said Rich Ilczyszyn, senior commodities broker at iiTrader. "Those big names took a shellacking on Friday, and you're seeing the carryover today."
Google dropped 2.1 percent on Monday, Facebook is down 4.2 percent and Amazon slid 2.5 percent.
Brian Stutland, of the Stutland Volatility Group, said a big article in Monday's Wall Street Journal about the problem click fraud poses for advertisers ("A 'Crisis' in Online Ads: One-Third of Traffic is Bogus") is likely weighing on Google as well as other companies in the space.
"That article has got a lot of people freaked out about these stocks," Stutland said. "Is the model still intact? Will there really be better revenue down the road?... So it's one piece of news that affects a number of names that are so much of the Nasdaq."