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Stocks drop sharply as tech sector stumbles; Apple down 7.1%

Stocks drop sharply as tech sector stumbles; Apple down 7.1% Photo: WDIO File

Created: September 03, 2020 02:59 PM

NEW YORK (AP) - Technology stocks took a tumble on Wall Street Thursday, giving back some of their spectacular gains over the past several months and dragging the rest of the market down with them. The S&P 500 lost 3.5%, on track for its biggest drop since June, and the Nasdaq fell 4.8%.

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Both indexes set record highs a day earlier. Big Tech companies have made outsize gains in recent months as investors bet that they would continue posting huge profits, even with many coronavirus restrictions still in place, as people spend even more time online with their devices.

Treasury yields fell as investors bought bonds. 
 

Copyright 2020 The Associated Press. All rights reserved.

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