Stock Selloff Is Taking a Toll on Some of the Hottest Names in Tech
Tech stocks were again the hardest hit on Wednesday as investors rushed for the exits.
(Bloomberg) -- Technology stock gold is losing its glitter.
A key pillar of the longest bull market in history, technology companies have borne the brunt of selling in a market rout that’s shaved nearly 5 percent from the S&P 500 Index since last week.
Tech stocks were again the hardest hit on Wednesday as investors rushed for the exits. Netflix Inc. was among the biggest decliners, tumbling 8.4 percent. Square Inc., suffered a 10 percent drop, and then plunged another 10 percent in post-market trading after the company said Chief Financial Officer Sarah Friar is leaving to become CEO of Nextdoor.com Inc.
Here’s a look at how far some technology stocks -- which set records earlier this year -- have fallen since their closing highs.
To contact the reporter on this story: Jeran Wittenstein in San Francisco at jwittenstei1@bloomberg.net
To contact the editors responsible for this story: Catherine Larkin at clarkin4@bloomberg.net, Richard Richtmyer
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