US tech shares headed for biggest drop in almost a year
An abrupt sell-off in technology stocks that started around midday In New York trading dragged the S&P 500 technology sector down as much as 4.2 per cent on Friday in its biggest fall since the day following last June’s Brexit vote.
An hour before the close of trading, Apple was down 4.4 per cent, Microsoft lost almost 4 per cent, Facebook was down about 4 per cent, Alphabet was down down 3.7 per cent, and Netflix was sitting 5.4 per cent lower. Nvidia — which saw a 7 per cent rise a day earlier — was off 8 per cent.
The Nasdaq 100 index was down about 2 per cent on the day, having recovered slightly after being down almost 3 per cent.