Nasdaq ends sharply lower in tech sell-off

By Reuters8 days ago

The Nasdaq ended sharply lower on Tuesday as investors dumped megacap growth stocks to seek shelter in more defensive parts of the market, amid concerns on rising interest rate and uncertainty over an upcoming jobs report.

Highly valued technology-related companies including Microsoft Corp, Alphabet Inc, Apple Inc , Amazon.com Inc and Facebook Inc sold off across the board, with Apple falling the most by 3.54 per cent. The Philadelphia Semiconductor Index also dropped by 1.6 per cent.

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Volume on U.S. exchanges was 12.21 billion shares, the highest in over a month.

When we have pauses or pullbacks, people tend to move out of growth stocks into more defensive names, said Randy Frederick, vice president of trading and derivatives for Charles Schwab in Austin, Texas.

Materials and financials extended their Monday gains, up by 1 per cent and 0.7 per cent, respectively, as investors continued to rotate money into cyclical sectors.

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