Information technology stocks led a general market decline, pulling down the S&P 500, the Dow Jones Industrial Average, and the Nasdaq 100. A broad sell-off in the technology sector weighed heavily on overall market performance throughout the trading day. Several prominent tech companies experienced significant losses, contributing to the downward trend across the major indexes.
The Dow Jones Industrial Average saw its six largest declines concentrated in technology shares. Amazon, Microsoft, Nvidia, Cisco, Salesforce and Apple were among the biggest decliners. The Nasdaq 100 also felt considerable pressure, with AppLovin, Intuit, Airbnb, Broadcom and Booking Holdings pacing its losses. These companies represent a diverse range of tech sub-sectors, from software to e-commerce, indicating a widespread downturn affecting the technology market.
Megacap technology companies experienced notable declines as well, exacerbating the negative sentiment. Tesla led the megacap group with a 2.4 per cent slide. The NYSE Fang + Index, which tracks the performance of highly traded growth stocks, fell by 2.2 per cent. The continued weakness in the technology sector raises concerns about the broader market’s ability to sustain its recent gains and highlights the tech industry’s influential role in overall market stability.
