Facebook, Twitter and Snap are all in bear market territory, and other tech stocks are close

  • Social media stocks in particular have seen significant pullbacks recently.
  • The coming weeks will be a "hand-holding time for tech," GBH Insights' Dan Ives said.
  • Still, the S&P tech sector is the top performing sector year to date.
Brendan McDermid | Reuters

Shares of Facebook, Twitter and Snap fell into bear market territory Monday as the S&P 500, Nasdaq and a handful of major tech stocks flirted with correction.

Facebook closed more than 20 percent off its 52-week high, Twitter dropped to 24 percent off its 52-week high and Snap cratered nearly 40 percent off its 52-week high.

Facebook is still reeling after a massive data leak by research firm Cambridge Analytica and questions about user privacy, while Snap is facing criticism over the recent redesign of its Snapchat app — one Wall Street firm said Monday that students called the redesign "annoying."

"The market pullback and the post Facebook-Cambridge [Analytica] aftermath has been the 'one-two punch' of bad news that has scared the bulls," GBH Insights' Dan Ives told CNBC. "With tech leaders such as Amazon under attack on a daily basis from Trump, and Facebook going through a white knuckle period, as well as the social media names post the Cambridge debacle, this has been a worrisome period for tech investors."

President Donald Trump hit Amazon again Monday, echoing his earlier comments that the e-commerce giant is shirking tax obligations and hurting the postal system.

Amazon, Google and Netflix all sank to roughly 16 percent off 52-week highs Monday. Microsoft and Apple fell to roughly 9 percent off their 52-week highs.

"We believe this is more of a pullback rather than the start of a broader game changer direction for tech stocks," Ives said.

The coming weeks will be a "hand-holding time for tech," he said.

Still, the S&P tech sector is the top-performing sector year to date, gaining less than a percent so far in 2018.

Disclosure: CNBC parent NBCUniversal is an investor in Snap.

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