Tech stocks were among the biggest decliners on Monday morning amid concerns about the economic impact of China’s growing coronavirus outbreak. Technology issues had been some of the strongest performers in the market's bull run since the beginning of the year.
The tech-heavy Nasdaq was down 1.7% on Monday morning, more than the S&P 500’s 1.4% decline. Leading the tech sector’s decline were Nvidia NVDA (down 4.3%), Chinese tech giants Alibaba (BABA) - Get Report (down 4.1%) and Tencent (down 4.0%), Micron (MU) - Get Report (down 3.8%), Tesla (TSLA) - Get Report (down 3.0%), AMD AMD (down 2.8%), Alphabet GOOGL (down 2.5%), and Apple (AAPL) - Get Report (down 2.2%). Also falling were Microsoft (down 1.9%), Amazon (down 1.6%) and Facebook (down 1.2%).
Many of the largest tech firms report fourth quarter earnings this week, including Apple (Tuesday); Microsoft (MSFT) - Get Report, Tesla and Facebook (FB) - Get Report (Wednesday); and Amazon (AMZN) - Get Report (Thursday).