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NEW YORK (CNNMoney)
The Nasdaq, which has been the best performer of the year, fell nearly 2% Monday. So did CNNMoney's Tech 30 index. The Dow and S&P 500 were also down, but not nearly as much.
Video streaming provider Netfli (NFLX)was under the most pressure Monday. The stock was down 8% and was one of the biggest losers in the Tech 30 Monday.
It appears that Netflix investors are worried about the possibility of competition from Apple (AAPL, Fortune 500) after the Wall Street Journal reported that the company is exploring a partnership with Comcast (CMCSA, Fortune 500) for an Apple-branded TV service. Shares of Apple were actually one of the few big tech stocks moving higher.
Related: CNNMoney's Tech 30
But Netflix wasn't the only momentum tech taking a beating. Some other well-known Interner stocks, including Yahoo! (YHOO, Fortune 500), Linkedin (LNKD), Twitter (TWTR), Priceline (PCLN, Fortune 500) and Facebook (FB, Fortune 500), also suffered.
Shares of Nu Ski (NUS)surged after the company said it was fined around $540,000 for its business practices in China. The beauty products marketer had previously disclosed that it was being investigated by Chinese regulators, but the relatively small penalty seems to be a relief to investors who had feared a more major regulatory blow.
Herbalife (HLF), the nutritional supplements distributor that uses a similar multi-level marketing sales model as Nu Skin, also rallied on the news. Herbalife revealed earlier this month that it is being probed by the Federal Trade Commission.
The company has been in the crosshairs of hedge fund manager Bill Ackman, who has publicly called it a pyramid scheme and unveiled a large bet that its stock price would fall. He also recently disclosed what he says are more shady tactics by the company in China.
Related: Fear and Greed index shifts into 'neutral'
Lions Gate (LGF) shares were up flat even though the studio's film "Divergent" had a strong opening at the box office. Many analysts expected a weaker showing for the movie.
Investors were also gearing up for some high profile initial public offerings in the days ahead.
King Digital Entertainment, the company behind the popular Candy Crush Saga online game is one of 14 companies currently scheduled to go public this week.
The IPO mania is part of a global trend, as more and more companies seek to go public in order to take advantage of increased demand for stocks.
Related: Candy Crush mania coming to Wall Street
European stock markets were all lower in midday trading as the Russian takeover of Ukraine's Crimean peninsula continues to dominate sentiment.
Asian markets ended with some significant gains though, despite HSBC data that showed Chinese manufacturing activity fell to an eight-month low in March. The Hang Seng in Hong Kong shot up by 1.9% and the Shanghai Composite rose by 0.9%.
First Published: March 24, 2014: 9:51 AM ET
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