The S&P 500 tech sector fell more than 4% for the week, intensifying speculation that the stock market shakeout was likely not over yet.
, pointing to their combined outperformance in the wake of the pandemic as something "everyone is talking about."
Shares of Amazon have shot up 78% so far this year, leading the so-called "FAANG" stocks. Shares of Apple and Netflix have skyrocketed 65% and 59%, respectively, while shares of Facebook and Alphabet have risen 38% and 19%, respectively, this year. "You've got exuberance on just a very small number of stocks. That's certainly bubble territory," Bell added.When discussing whether the tech bubble he had described could burst in the near future, Bell drew a comparison to comments made by former Federal Reserve Chair Alan Greenspan in 1996.
Stocks continued to rise for some time after Greenspan delivered his speech, but the line is often cited as a warning shot for the dot-com bust that would occur toward the end of that decade."I would be saying to people that this is a bubble-type territory, but it doesn't mean that it is going to deflate now. What we have seen in the last week or so is only an unwinding of the rise of the previous two weeks," Stanhope Capital's Bell said.
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