Closing Bell: Nasdaq Loses June Gains; Tech Stocks Suffer Another Selloff

A selloff in tech stocks regained momentum, pulling the Nasdaq lower for the day and wiping out the index's monthly gain.
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A selloff in tech stocks regained momentum, pulling the Nasdaq lower for the day and wiping out the index's monthly gain. The tech-heavy index has not seen a monthly loss since October. Tech stocks were the worst performers as the industry endured another downswing in a series of selloffs that has plagued the sector in recent weeks. The Technology Select Sector SPDR ETF (XLK) - Get Report is on track for its worst monthly performance since April 2016. Fred's (FRED)  tumbled after losing a deal to acquire as many as 1,200 Rite Aid (RAD) - Get Report stores. That deal was scrapped after Walgreens (WBA) - Get Report and Rite Aid ended its merger agreement. Fred's was to acquire Rite Aid locations so the merger could pass regulatory muster. Pier 1 Imports (PIR) - Get Report slumped after a disappointing quarter. Same-store sales declined by 0.2%, while overall revenue fell short of consensus. E-commerce sales made up a larger chunk of net sales over its fiscal first quarter.