Saturday, 10 June 2017

Tech stocks tumble, taking down Nasdaq as big names sink- Get Mcx Tips click here-

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Technology stocks sold off sharply on Friday, taking a toll on the Nasdaq and dragging on other major Wall Street indexes, which touched record highs earlier in the day.

The technology sector, which soared this year and led the market's rally, finished down 2.7 percent, after paring declines.

But financials and energy, which have lagged the broader rally this year, were strong. Energy gained 2.5 percent and financials rose 1.9 percent.

The Nasdaq Composite dropped 113.85 points, or 1.8 percent, to end at 6,207.92.

The Dow Jones Industrial Average rose 89.44 points, or 0.42 percent, to 21,271.97, while the S&P 500 lost 2.02 points, or 0.08 percent, to 2,431.77.

Apple Inc shares fell 3.9 percent in their biggest daily percentage decline since April 2016 and were the biggest weight on the three major indexes, after a report that iPhones to be launched later this year will use modem chips with slower download speeds than some rival smartphones.

Facebook Inc fell 3.3 percent, its biggest decline since November 2016, and Alphabet ended down 3.4 percent, its worst day since June 2016. Microsoft Corp fell 2.3 percent. Chipmaker Nvidia closed down 6.5 percent at USD 149.60 after Citron Research said the stock could trade back to USD 130.

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