Tom Lee says one investor may have forced Nasdaq sell-off on Friday

On Friday, the Nasdaq Composite logged its worst month since March 2025, down 5.3%, as Intel fell 28.6% on weak guidance and Amazon reported $42.4 billion in negative free cash flow. Fundstrat's Tom Lee argued the sell-off was driven by forced liquidation rather than investors abandoning stocks, pointing to an equally-weighted S&P 500 that continued to rise as evidence that money remained in the market. He suggested a single large investor facing margin calls may have been forced to sell tech shares, dragging prices lower.