NEW YORK (AP) — Big tech stocks are continuing their Icarus-like flight path, and more sharp declines for them are dragging Wall Street toward a third straight loss on Tuesday.
The S&P 500 was down 2.1% in midday trading, after dropping as much as 2.5% shortly after the U.S. market opened. Big names that were the main reasons for Wall Street’s rocket ride back to record heights were among the heaviest weights. Apple sank 4%, Microsoft pulled 3.7% lower and tech stocks across the index were down 2.9%.
But all that activity can unwind quickly and send prices tumbling if momentum turns, which is what happened last week. Apple stock dropped 3.1% for just its second weekly loss in the last 14 weeks.
European stock markets sank, following modest gains in Asia.
France’s CAC 40 fell 1.6%, Germany’s DAX lost 1% and the FTSE 100 in London slipped 0.1%.
Japan’s Nikkei 225 added 0.8%, South Korea’s Kospi rose 0.7% and Hong Kong’s Hang Seng edged up by 0.1%. Stocks in Shanghai rose 0.7%.
Navy Vet
Article URL : https://apnews.com/61d1f1440c3bacaa1794ca30028c0719