Technology Stocks Tumble Again in Sudden Afternoon Selloff
- Nvidia, Facebook lead retreat as bad news keeps coming
- Tech’s decline triples S&P 500’s next worst performing group
MFS Investment's Swanson Expects U.S. Recession in About a Year
This article is for subscribers only.
Blame it on tech stocks -- again.
Thanks to fresh blows to companies from Nvidia Corp. to Facebook Inc., the biggest industry in the S&P 500 Index dropped 3.5 percent, the biggest decline since the broad market selloff reached its worst point on Feb. 8. The Nasdaq 100 Index sank for a ninth decline in 11 days. Facebook gave up gains to slump 4.9 percent, with Mark Zuckerberg expected to appear before a House committee in the latest development in the company’s escalating privacy scandal.