Update: Adds information about Yahoo! and Alibaba starting in the 14th paragraph.
NEW YORK (TheStreet) -- Major technology stocks including Apple (AAPL) - Get Report were caught in Monday's downward trend on Wall Street, as the tech-heavy Nasdaq Composite Index fell more than 3% to 4543.97.
The S&P 500 Index declined 2.6% to 1881.77, while the Dow Jones Industrial Average decreased 1.9% to 16001.89.
Apple dipped almost 2% to $112.44, despite saying it had sold 13 million of its newest iPhones since they went on sale Friday, for an opening weekend record. Among other large technology companies, Amazon (AMZN) - Get Report dropped 3.9% to $504.06, Google (GOOGL) - Get Report fell 2.5% to $624.25 and Microsoft (MSFT) - Get Report weakened 1.5% to $43.29.
Equity markets have been turbulent in recent weeks amid confusion over the Federal Reserve's tightening policy and concern over a slowdown in Asia, Bloombergreported.
The Web site was down for some users for about an hour Monday afternoon, causing lost advertising revenue and a flurry of angry posts on other social media networks, Newsweek reported. Facebook suffered a similar outage on Thursday, when it was down in North America, Europe, Australia and India, according to Reuters.
Google's new Customer Match program promises to boost ad relevancy for businesses that share their e-mail lists, Bloomberg reported. Advertisers can share their customers' e-mail addresses with Google, which will match them with its user data to help boost the relevance of the ads placed on search pages, Gmail and YouTube, according to the news organization. Google also plans to mine that data to help advertisers target new customers who might have similar interests to existing ones, according to the report.
Google is also taking steps to make sure it will play a role in the next era of computing by signing a quantum computing deal with D-Wave, according to another Bloomberg report.
Google and D-Wave, along with collaborators NASA and the Universities Space Research Association, signed a commercial agreement that will give them access to new quantum processors as soon as they are developed, for as many as seven years. Large technology companies are exploring quantum computing as a way to tap into greater computing speeds to power their software and services, the Bloomberg report said.
Twitter (TWTR) - Get Report remained largely unchanged in the down market amid reports that its board is warming up to the idea that interim CEO Jack Dorsey could permanently run that company while keeping the top job at Square.
Dorsey, who co-founded Twitter and is once again leading the company, has been held back from being given the job permanently out of concern that he'd be overloaded by his commitments at Square, The New York Times reported Monday. But now some investors at both tech companies are publicly proclaiming that he's the right man for both jobs and can juggle the work, according to the newspaper.
Twitter declined 0.2% to $25.25.
In a filing after the markets closed Monday, Yahoo noted that an IRS official indicated this month "that any future guidance issued as part of the project would not apply retroactively to transactions completed prior to the issuance of such guidance," Bloomberg reported.
The move indicates that Yahoo and its tax adviser are confident their plan is legal and will be tax-free, the Wall Street Journal reported, but they still run the risk that the IRS could challenge the sale, putting shareholders on the hook for billions of dollars in taxes.
Yahoo rose as much as 4.3% in extended trading after hours, Bloomberg reported. The stock earlier had fallen 5.3% to close at $27.60.
This article is commentary by an independent contributor. At the time of publication, the author held no positions in the stocks mentioned.