Tech Stocks Are Getting Crushed in Flight to Safety
The Dow has declined 0.3%, while the S&P 500 has fallen 0.9%, and the Nasdaq Composite has dropped 1.6%.
Leading the declines have been some of the market’s biggest–and most popular–stocks. Apple and Nvidia were down more than 3%, while Tesla had dropped 2.6% and Microsoft had slipped 2%. Of the Magnificent 7, only Meta Platforms and Alphabet were higher, and by just 0.4% and 0.2%, respectively. The tech sector has been the hardest hit, as investors continue to move into safer areas of the market, including utilities.