Technology stocks got clobbered on Monday as rotation out of growth resumed, weighing on the broader market.
 | MON, MAY 10, 2021 | | | | DOW | | NAME | LAST | CHG | %CHG | | AAPL | 126.85 | -3.36 | -2.58% | | INTC | 55.97 | -1.70 | -2.95% | | MSFT | 247.18 | -5.28 | -2.09% | |
| | S&P 500 | | NAME | LAST | CHG | %CHG | | AAPL | 126.85 | -3.36 | -2.58% | | GE | 13.35 | +0.05 | +0.38% | | FCX | 42.74 | -1.23 | -2.80% | |
| | NASDAQ | | NAME | LAST | CHG | %CHG | | AAPL | 126.85 | -3.36 | -2.58% | | AMD | 75.99 | -2.82 | -3.58% | | PTON | 87.49 | +3.68 | +4.39% | |
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Technology stocks got clobbered on Monday as the rotation out of growth resumed, weighing on the broader market.
The Nasdaq Composite dropped 2.5% to 13,401.86, finishing the day at its session low as Microsoft and Apple lost more than 2% each. Tesla shed more than 6%. Investors dumped high-flying tech names, continuing a trend seen earlier this year amid rising fears of inflation and higher interest rates. Facebook dropped more than 4%, while Amazon and Netflix both declined more than 3%. Alphabet dipped more than 2% after a downgrade by Citigroup. Cathie Wood's Ark Innovation ETF fell 5% to its lowest level since November.  The Dow Jones Industrial Average wiped out a 300-point gain and turned negative rapidly in the final minutes of the session. The S&P 500 fell 1%, slipping from a record closing high. "The tech price action is especially frustrating for many as the thought was Friday would elicit a more sustainable rebound in the space," Adam Crisafulli, founder of Vital Knowledge, said in a note. "Instead, the group is seeing aggressive selling and accumulating technical damage as prices breach key levels." Technology stocks rallied on Friday after a far-weaker-than-expected April jobs report eased concerns about a policy change from the Federal Reserve. Tech stocks have been winning under the low-rates regime during the pandemic. |
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