Dow closes nearly 400 points lower as tech stocks drop
Stocks dropped sharply Monday as the biggest and most popular technology stocks plunged. Facebook and Apple led the losses.
The Dow fell 395 points to 25,017. The S&P 500 dropped 1.7 percent to 2,690 as the technology sector pulled back 3.8 percent. The tech-heavy Nasdaq lagged, falling 3 percent to close at 7,028 as Amazon dropped 5.1 percent.
The popular FAANG trade, made up of Facebook, Amazon, Apple, Netflix and Alphabet, is now in a bear market, with each member down more than 20 percent from their one-year highs.
“It’s going to require a recovery in tech to make things happen,” said Greg Luken, the CEO of Luken Investment Analytics. “I think where we are in tech, we’re going to see tough sledding towards the end of the year. I think stocks that are down will see further selling pressure.”
https://www.msn.com/en-us/money/markets/dow-closes-nearly-400-points-lower-as-tech-stocks-drop/ar-BBPRSnz?li=BBnbfcN
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