NEW YORK—Technology stocks are bearing the brunt of a recent market selloff, putting a spotlight on how an extended downturn in the sector could weigh on broader equity indexes. After Monday’s sharp drop, the S&P 500 technology sector is down 6.7 percent since the overall S&P 500 closed at a record on Sept. 2, compared with a 5.2 percent decline for the broader index over that time. The tech-heavy Nasdaq Composite, meanwhile, is down 7.3 percent from its Sept. 7 closing high, getting closer to marking a 10 percent correction. The tumble comes amid a cluster of worries that hit markets in recent weeks, including a looming unwind of the Federal Reserve’s easy money policies, a jump in Treasury yields and a nasty battle among lawmakers over the U.S. debt ceiling. Many investors are hesitant to cut their exposure to technology-focused stocks, which have led markets for most of the …
Investors Eye Big Tech as Stock Market Wobbles
October 5, 2021
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