– This is the script of CNBC's news report for China's CCTV on June 12, Monday.
Welcome to CNBC Business Daily, I'm Qian Chen.
U.S. stocks closed mixed on Friday on pressure from this year's best-performing sector: technology.
The Nasdaq composite hit a record high at the open before closing 1.8 percent lower.
Shares of Apple, Facebook, Amazon, Netflix and Google-parent Alphabet all fell more than 3 percent. Microsoft closed down by 2.27%
The tech-heavy index also posted its worst weekly performance of the year.
Meanwhile, US-listed Chinese companies in the tech sectors were hit hard as well on Friday. JD.com tumbled by nearly 7%, Momo was down by 6.38%, Weibo down 3.5% and Alibaba down more than 2%. All these Chinese tech giants all hit their record highs not long ago.
Now, for global investors, the question is - does Friday's fall signal the end of the bull market, or it's just a short-lived technical correction?
One trigger on Friday is that a pair of Wall Street analyst reports seemed to send tech stocks plummeting.
The report from Goldman Sacks highlighted the lack of volatility in the soaring tech stocks, warning investors that while FAAMG is likely to continue beating the rest of the market over the long term, they shouldn't expect the ride to always be this smooth.
But analysts said they don't see any major fundamental factors what would drive tech lower, and believed that the decline on Friday was due to a rotation from tech into different sectors, like energy companies and retailers.
[CHRIS BRANKIN, TD Ameritrade Asia CEO] "If you look at it in terms of volitility, it is pricing in little downrisk risk across some of the larger tech names."
[CHRIS BRANKIN, TD Ameritrade Asia CEO] "People do sell stocks. Whether its rotating out or rebalancing their porfolio. If you look at these stocks, we are at 52-week high, or all-time high prices, so I think theres some profit-taking there off the table. Is this an opportunity to buy? I think so."
CNBC's Qian Chen, reporting from Singapore.