“The real heavy lifting, or 40 percent of the move, that we saw was really on the back of a handful of technology stocks,” Art Hogan, chief market strategist at Wunderlich Equity Capital Markets, told Reuters. “So when you have a trade that is so crowded that unwind becomes as dramatic as the one we saw on Friday.”

Analysts have also cited a series of critical research notes of prominent players like Apple as the trigger for the selling as the sector “was ripe for a pullback of some sort,” Mark Luschini, chief investment strategist for Janney, told the Wall Street Journal.

Some are worried that the two-day drop represents more than a mere pause and may reflect fundamental cracks in the U.S. bull market.

“There’s a chance U.S. internet technology stocks that have propelled a global stock rally will now serve as a buzz kill,” Mitsuo Shimizu, deputy general manager at Japan Asia Securities, told Bloomberg.

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