Amid broader market jitters tied to rising interest rates, tech stocks took a serious pounding on Wednesday, with losses accelerating as the market neared its close.
The tech-heavy Nasdaq fell more than 4%, while The Dow Jones Industrial Average tumbled more than 830 points and the S&P 500 lost more than 90 points.
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Among the 65 stocks in the S&P 500 Information Technology sector, all 65 were down on Wednesday. Symantec (SYMC - Get Report) was the lone exception for most of the afternoon, but finally succumbed to selling pressure and ended the day down 0.05%. As a whole, the sector fell 4.77% on Wednesday, its worst single-day percentage decline in seven years.
Notable tech stock declines on the S&P 500 included Adobe (ADBE - Get Report) , AMD (AMD - Get Report) , Salesforce (CRM - Get Report) , Nvidia (NVDA - Get Report) , Autodesk (ADSK - Get Report) , Intuit (INTU - Get Report) , which fell 6.39%, 8.22%, 7.20%, 7.48%, 6.55% and 7.35% respectively.
The Nasdaq fell 4.1%, led in part by declines in the mega cap FAANG stocks. Facebook (FB - Get Report) , Alphabet (GOOGL - Get Report) , Netflix (NFLX - Get Report) and (AAPL - Get Report) were down 4.13%, 5.06%, 8.38% and 4.63% respectively.
Amazon (AMZN - Get Report) stock fell into correction territory, falling 6.15% on Wednesday and almost 14% since reaching a record high of $2,039.51 on September 4. Stocks are defined as being in correction territory if they decline between 10% and 20% from a bull market high.