NEW YORK (AP) — Technology stocks stumbled on Wall Street Thursday, giving back some of their spectacular gains over the past several months and knocking the broader stock market to its biggest loss since June.
The S&P 500 lost 3.8% and the tech-heavy Nasdaq fell 5.2%. Both indexes set record highs a day earlier. The Dow Jones Industrial Average briefly fell as much as 1,000 points, or 3.4%. Big Tech companies like Apple have made outsize gains this year as investors bet that they would continue posting huge profits, even with many coronavirus restrictions still in place, as people spend even more time online with their devices.
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