S&P 500: Tech Stocks Lead Sell-Off as Market Correction Deepens, Tesla and Apple Slide
The sell-off has intensified over the past week, with the S&P 500 and Nasdaq down 4.2% and 4.8%, respectively. The Dow is on pace for a 4.6% weekly decline, its worst since March 2023. The Russell 2000, which tracks small-cap stocks, is nearing bear market territory after plunging nearly 19% from its recent peak.
Which Sectors Were Hit the Hardest?
Consumer discretionary stocks took the steepest hit, falling 2.4% as investors pulled back from retailers and travel companies. Technology stocks also declined, with the sector losing 1.1% as investors reduced exposure to high-growth names. Communication services dropped 2.1%, reflecting pressure on media and telecom firms.
Real estate stocks fell 1.6%, weighed down by rising uncertainty over interest rates, while industrials and energy sectors each lost about 0.8%. Defensive plays such as consumer staples and utilities saw smaller losses of 0.5% and 0.08%, respectively, as investors sought relative safety.