Tech sell-off triggers sharp losses on Wall Street

Tuesday, May 04, 2021

The major US stock averages fell on Tuesday, following a strong start to May, with technology stocks experiencing the biggest selling pressure, CNBC reports.

The Dow Jones Industrial Average lost 250 points. The S&P 500 ny fell about 1 percent. The tech-heavy Nasdaq Composite was the hardest hit, dropping by more than 2 percent.

The so-called FAANG names (Facebook, Amazon, Apple, Netflix and Google-parent Alphabet) were all trading lower shortly after the open. Apple’s stock shed more than 2 percent.