S&P 500 Closes Down 84 Points as Tech Stocks Lead the Selloff

The S&P 500 ended the session at 7,659.75, and the roughly 1.1% index headline understates the pain for investors concentrated in the tech-heavy corners of the market.

The Nasdaq Composite dropped 2.3%, more than four times the Dow Jones Industrial Average’s loss of about 0.5%. That gap shows the selling was aimed squarely at the crowded big-tech trade.

Both indexes held modestly positive early before pressure built through the afternoon, with the S&P 500 touching its steepest losses in the final hour of trading.

Investors who were overweight large-cap technology felt this close far more acutely than the broad index figure suggests. A portfolio that mirrors the S&P 500 equally weighted would have looked very different from one tilted toward the names that dominate the Nasdaq.