Shares of technology companies fell around the world Monday, extending Friday’s steep declines in the U.S. giants that had been driving this year’s stock-market gains. The tech-heavy Nasdaq Co mposite fell 0.8%. The S&P 500 lost 0.4% and the Dow Jones Industrial Average fell 70 points, or 0.3%, to 21202. Apple shares lost 2.6%, Google parent Alphabet fell 1.2%, Facebookdropped 1.1% and Amazon.com lost 1.2%. Shares of those companies each fell 3% or more Friday.
Several large tech companies have led this year’s rally, prompting concerns that major indexes’ gains have been overly concentrated in a handful of stocks. Tech shares in the S&P 500 have climbed roughly 17% this year, while the Nasdaq has risen 15%. Analysts have cited a series of critical research notes of big-name players like Apple as the trigger for the selloff, but after the run-up, the sector “was ripe for a pullback of some sort,” said Mark Luschini, chief investment strategist for Janney. READ MORE
