A rough morning on Wall Street only got worse as the day went on. By the closing bell, the market—and tech stocks in particular—had suffered its worst day in weeks, reports the Wall Street Journal. The numbers: The Dow fell 807 points, or 2.7%, to 28,292; the S&P 500 fell 125 points, or 3.5%, to 3,454; and the Nasdaq fell 598 points, nearly 5%, to 11,458. Leading the downward spiral, which came one day after the Dow reclaimed 29,000: Apple shares fell 7%, while Amazon, Facebook, and Netlfix were down 5%, per CNBC. The general sense from analysts in coverage is that this type of correction was overdue given the recent surges.
“Someone hit the ‘sell tech, buy dreck’ button," Adam Crisafulli of Vital Knowledge tells CNBC. “For tech specifically, the stocks are seeing large percent declines, but this comes after a massive recent rally. Tech has been untethered from fundamentals for a while and momentum can work in both directions.” Another analyst, Mark Hackett of Nationwide, expresses a similar sentiment via the AP: "There’s really very little to justify (these big stocks' upward move) other than euphoria." At one point Thursday, the Dow had fallen more than 1,000 points. (More stock market stories.)
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