December 15th, 2015

Investors just pulled $3.5 billion out of the biggest tech ETF in a single day — the most since 2000 (QQQ)

NYSE trader worriedLucas Jackson/Reuters

Summary List Placement
  • Investors are fleeing technology stocks at a pace not seen since the dot-com bubble of 2000.
  • They pulled $3.5 billion out of the popular Invesco QQQ Trust Series 1 ETF — which tracks the Nasdaq 100 index — on September 18.
  • That marked the biggest daily outflows since October 2000.
  • The Nasdaq 100 index is currently sitting more than 10% from recent highs, putting it in correction territory.
  • Visit the Business Insider homepage for more stories.

Investors pulled $3.5 billion out of the popular Invesco QQQ Trust Series 1 ETF — which tracks the Nasdaq 100 index — on September 18, according to Bloomberg data.

That marked the biggest single-day outflow since October 2000, amid the dot-com bubble.

The mass exit reflects unease in the tech sector that's sent the Nasdaq 100 index tumbling into correction territory in recent weeks. The gauge currently sits roughly 13% below its September 2 peak.

The Invesco QQQ ETF is the biggest technology ETF available to investors. The fund had more than $120 billion in assets as of Friday.

Read more: GOLDMAN SACHS: Buy these 21 stocks on track for years of market-beating growth that could make them future giants — even rivals to the FAANGs

The three-week skid in technology stocks comes as investors grapple with uncertainty surrounding the upcoming November presidential election, additional fiscal stimulus measures in response to the COVID-19 pandemic, and the development and rollout of a successful COVID-19 vaccine candidate.

The Nasdaq 100 is currently on pace to lose more than 10% in September, which would be for its worst month since 2008.

On Monday, despite continued selling in the Nasdaq 100, the index outperformed the Dow Jones industrial average and S&P 500, suggesting that investors may warm up to tech stocks again as economic uncertainty persists.

Read more: Tony Greer made 5x his money with an early investment in Apple. The macro investor and ex-Goldman Sachs trader provides an inside look into his trading tactics, and shares his top 3 ideas right now.

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