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Tech Selloff Pulls Stock Market Lower

The Nasdaq Composite and the S&P 500 were lower on Monday as a bout of profit-taking squeezed the richly-valued technology sector.

Technology stocks have led a record-setting rally on Wall Street, helped largely by strong quarterly earnings. The S&P 500 technology index has risen 18.5 percent this year and is on track to register its best yearly performance since 2014.

However, the index tumbled 2.7 percent on Friday, sparked by a sharp drop in Apple shares amid reports that the company is using slower modems in upcoming iPhones, compared with those used by rivals.

 

Read more at Reuters

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