Big Tech Is Getting Crushed Today

The Dow Jones Industrial Average traded higher by more than 100 points Thursday, but has since given up around half of the gains. Meanwhile, the Nasdaq index saw continued heavy selling pressure and was trading lower by around 1.5 percent.

Big tech stocks, especially the infamous "FANG" group, were trading lower. Shares of Facebook Inc. FB, Amazon.com, Inc. AMZN, Netflix, Inc. NFLX and Alphabet Inc GOOG GOOGL were all down by as much as 5 percent.

Other notable technology stocks which were trading lower include:

• Apple Inc. AAPL, down 3.5 percent.
• Microsoft Corporation MSFT, down 3.3 percent.
• Tesla Motors Inc TSLA, down 4.5 percent.
• NVIDIA Corporation NVDA, down 3.2 percent.

What's Going On?

There are several reasons that may explain the notable selling activity in technology stocks.

Investors could simply be taking some profits off the table after a strong run. For example, shares of Netflix appeared attractive to many investors when it was trading near $80 per share earlier this year and have since gained more than $40 per share.

Other tech stocks trading near their 52-week highs include Microsoft and NVIDIA.

Meanwhile, several tech names have fallen out of favor with investors.

CNBC's Scott Wapner Tweeted that money is flowing out of tech and into cyclical value stocks that are expected to outperform under a Donald Trump administration.

In another Tweet, he said, "Tech is falling because of the rising dollar, higher rates, and the fact that it's ripped. Tech is not falling because Trump tweaked Bezos."