(Reuters) – Technology shares — a key engine of the stock market’s climb to records over the last several months — are now among those leading Wall Street’s plunge on growing concerns over the coronavirus outbreak.
FILE PHOTO: A view of the exterior of the Nasdaq market site in the Manhattan borough of New York City, U.S., October 24, 2016. REUTERS/Shannon Stapleton/File Photo
The S&P 500 information technology sector has fallen 9.3% since Thursday’s close, outpacing a drop of 7.3% for the broader index. Only energy has performed worse, reflecting a sharp decline in oil prices on fears that the coronavirus will slow global economic activity.
Investors poured billions into big technology stocks and other momentum bets last year, as a dovish Federal Reserve stoked risk appetite and fueled a rally of more than 30% in the S&P 500. Some big technology and momentum stocks kept griding higher, driving markets to records even as concerns grew over the virus’ spread in China in…
Source Reuters Tech News
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