Technology stocks fell again on Monday and deepened their steep losses from the end of last week that saw shares of social media companies Facebook and Twitter plunge around 20% each in a single day. By Monday, even once-mighty Netflix seemed weak in the knees, with the streaming media darling down almost 6% in mid-day trading.
It’s a sharp turnaround for a group that had long been the stock market’s undisputed leader.
Tech stocks in the S&P 500 slumped 1.7 percent Monday for the sharpest loss among the 11 sectors that make up the index. It follows a rough week for the tech industry after earnings reports from Facebook and Twitter raised concerns about their growth and sent their shares plummeting.
Twitter dropped 5.8 percent Monday to $32.16, following its 20.5 percent plunge on Friday. Facebook was down 4.5 percent Monday to around $167 after shares fell 19% last Thursday for a stunning $119 billion drop in market value that was the biggest one-day loss in Wall Street history.
Netflix was down 5.7% Monday to $335.25 per share — some 20% below a recent high of $419 a share on July 9.
Even with the sector’s recent tumble, though, the technology group remains one of the leaders for the S&P 500 for the year thanks to its outsized gains earlier in 2018.
While tech stumbled, energy stocks rose with the price of oil and helped to keep U.S. indexes relatively steady ahead of a busy week full of central-bank meetings, corporate earnings reports and the monthly U.S. jobs report.
The S&P 500 was down 9 points, or 0.3 percent, at 2,809, as of 11:30 a.m. E.T., and the Dow Jones industrial average lost 44 points, or 0.2 percent, to 25,406.
The Nasdaq composite has more technology stocks among its ranks, and it fell 82, or 1.1 percent, to 7,654. It’s on pace for its third straight loss of at least 1 percent, which would be the first time that has happened in nearly three years.
Slightly more stocks rose on the New York Stock Exchange than fell.
Energy stocks in the S&P 500 climbed 0.9 percent after the price of benchmark U.S. oil spurted higher by $1.49, or 2.2 percent, to $70.18 per barrel. Brent crude, the international standard, rose 86 cents to $75.62.
The yield on the 10-year Treasury note rose to 2.97 percent from 2.96 percent late Friday. It’s been climbing for the last couple of weeks and is close to breaching 3 percent for the first time since May.
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