Tech sell-off pulls Wall Street lower

Business | 23 Feb 2021 9:01 am

A sell-off in technology companies led stocks on Wall Street mostly lower Monday, adding to the market’s losses from last week.

The S&P 500 fell by 0.8 percent, extending its losses to a fifth straight day. The benchmark index was just about evenly split between winners and losers, but technology stocks and companies that rely on consumer spending bore the brunt of the selling. Apple fell by 3 percent, Microsoft dropped by  2.7 percent, Tesla slumped by 8.5 percent and Amazon lost 2.1 percent.

The tech-heavy Nasdaq composite slid by 2.5 percent, while the Dow Jones Industrial Average eked out a tiny gain, as solid gains by companies like Disney, Exxon Mobil and Chevron helped offset the drag by some of the Big Tech companies.


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