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Megacap Tech Stocks Drive Nasdaq to Biggest Tumble Since March

  • Nasdaq 100 declines 5.2%, with Apple and Tesla hammered
  • Warning signs mounted throughout the week after historic run
Updated on

The megacap tech shares that drove stocks to record after record plunged Thursday as bearish investors reclaimed the upper hand on U.S. equity markets, at least for a day.

The Nasdaq 100 sank 5.2% and posted its biggest rout since March. Apple Inc., Tesla Inc. and Amazon.com Inc., among the biggest contributors to the historic five-month rally, lost at least 4.6%. The index had gained in 11 of 13 sessions to notch records almost daily, defying strategists who warned that valuations had become too stretched.