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) 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) , AMD (AMD) , Salesforce (CRM) , Nvidia (NVDA) , Autodesk (ADSK) , Intuit (INTU) , which fell 6.39%, 8.22%, 7.20%, 7.48%, 6.55% and 7.35% respectively.
Amazon (AMZN) 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.