uploads/2018/10/market-down-pixabay.png

Tech Stocks Had Their Worst Day since 2011

By

Updated

Market indexes fall

The tech sector had its worst day since 2011 after the stocks of big technology players tumbled and sent market indexes to their lowest levels, according to the Wall Street Journal. NASDAQ reached its lowest mark in three months, while the S&P 500 fell for the fifth straight session. The Dow Jones Industrial Average Index plummeted more than 800 points, or 3.15%, on October 10. The S&P 500 fell 95 basis points, or 3.29%, while the Nasdaq Composite fell more than 300 points, or 4.08%.

Article continues below advertisement

Tech stocks plummeted

Tech stocks Netflix (NFLX), Twitter, Amazon (AMZN), NVIDIA (NVDA), and Advanced Micro Devices (AMD) fell 8.4%, 8.5%, 6.2%, 7.5%, 8.2%, respectively, were among the big tech losses. The major sell-off in the tech sector seems like a correction after the big gains in the summer. Investors also remain cautious and doubtful over the rising interest rates and the ongoing trade war between the US and China and might want to park their cash into safer investments.

Meanwhile, the sell-off should also be taken as a buying opportunity for investors who want to gain amid the volatile market. Stocks including Apple and Amazon look like an attractive buy at this point, as they have been performing well despite market fears.

Correction: This article originally included a discussion of Square’s 10% fall, which it misattributed to the sell-off rather than the CEO’s resignation.

Advertisement

More From Market Realist