NEW YORK (AP) — Stocks fell sharply on Wall Street Thursday as high-flying technology companies took a tumble after months of spectacular gains. The benchmark S&P 500 lost 3.5%, its biggest loss since June, and the tech-heavy Nasdaq fell 5%. Both indexes set record highs a day earlier.
Apple, the most valuable U.S. company, slumped 8%.
Big Tech companies have made outsize gains this year as investors bet that they would continue posting huge profits, even with many coronavirus restrictions still in place, as people spend more time online with their devices.
Some worry those tech companies will be hit hard in a souring US-China relationship and any future tariffs, according to CNN.
Treasury yields fell as cautious investors shifted money into bonds.