Tech stocks are getting slammed on Monday

Laurie Berry | 13 June, 2017, 04:57

The Dow Jones Industrial Average fell 36.3 points, or 0.17 per cent, to 21,235.67, the S&P 500 lost 2.38 points, or 0.10 per cent, to 2,429.39 and the Nasdaq Composite dropped 32.45 points, or 0.52 per cent, to 6,175.47.

After tech stocks were pummeled on Friday, the sector is selling off again to start the week.

It looks as if technology shares will be leading the path lower today, with mega-cap names - including Dow stock Microsoft and Google parent Alphabet - in the red ahead of the opening bell.

The tech-heavy Nasdaq Composite Index, which hit an all-time high only to close down 1.8% on Friday, was under pressure, with the index down by 55 points, or 0.9%, to 6,153. Tech stocks staged a late-session sell-off on Friday, after Goldman Sachs suggested the recent rally was overdone.

There were no major data releases scheduled for Monday, with investors looking out instead to Wednesday's rate announcement from the Federal Reserve amid expectations of this year's second rate hike. While the S&P 500 is up 0.4% for June, the Russell 2000 is up 3.6% and the S&P Small Cap 600 is up 3.8%. The S&P 500 technology index .SPLRCT has risen 18.5 percent this year and is on track to register its best yearly performance since 2014.

Mizuho Securities also cut its rating on Apple's stock to "neutral" from "buy" on Monday, citing it has outperformed this year and enthusiasm over the "upcoming product cycle is fully captured at current levels".

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The S&P 500 index showed 28 new 52-week highs and 11 new lows, while the Nasdaq recorded 82 new highs and 70 new lows.

When it comes to the ongoing technology beat-down in the stock market, it appears not all shares are created equal. Meanwhile, shares of Netflix Inc.(NFLX) slipped into correction territory (http://www.marketwatch.com/story/netflix-shares-fall-into-correction-territory-before-bouncing-back-2017-06-12).

On the upside, General Electric Co.'s shares (GE) rose 3.9% following news that CEO Jeff Immelt is retiring (http://www.marketwatch.com/story/ges-jeff-immelt-to-step-down-as-ceo-and-chairman-2017-06-12-6914026) after almost 16 years at the helm of the company and will be replaced by John Flannery, now president and CEO of GE Healthcare.

Coherus BioSciences tumbled 30.2 per cent to US$14.40 after the FDA denied the approval of its biosimilar for Amgen's Neulasta, which fights infections in cancer patients.

Advancing issues outnumbered decliners on the NYSE by 1,582 to 1,187.

About 7.89 billion shares changed hands in USA exchanges, far above the 6.81 billion daily average over the last 20 sessions.

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Tech stocks are getting slammed on Monday

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