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Dow Plunges 400 Points Midday; Twitter, Netflix, Other Techs Hammered

Stock Markets Oct 10, 2018 11:32AM ET
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© Reuters. Tech stocks were hammered midday.
 
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Investing.com - Big-name tech stocks were slammed midday, leading a broader market decline.

The Dow was off about 395 points, or 1.5%, at 11:30 AM ET (15:30 GMT), while the S&P 500 fell about 44 points, or 1.5%. The Nasdaq Composite was hardest hit, shedding about 175 points, or 2.26%.

While rising bond yields pressured equities overall, investors also seem to be seizing the opportunity to take risk off the table and techs are taking the brunt of the selling.

Chip stocks were broadly lower, while widely traded stocks like Netflix and Twitter were also sharply in the red.

The S&P Technology Sector index fell about 2.2% and the S&P Communications Services Sector index dropped about 1.7%. The Philadelphia Semiconductor Index sank about 3%.

Semiconductor stocks sold off pretty much across the board, with concerns about trade wars affecting sales and programmatic trading hitting the sector as market leaders declined.

High-flyer Advanced Micro Devices (NASDAQ:AMD) tumbled about 6%. Intel (NASDAQ:INTC) lost about 2.2%, contributing to the Dow’s big loss.

Other chip stocks struggling included NVIDIA (NASDAQ:NVDA), off about 4.4%, Applied Materials (NASDAQ:AMAT), which slipped about 3.2% and Texas Instruments (NASDAQ:TXN), which was down about 2.8%.

Meanwhile, the FAANG and social media stocks also sold off.

Netflix (NASDAQ:NFLX) lost about 6.7%, Amazon (NASDAQ:AMZN) dropped about 3%, Facebook (NASDAQ:FB) slipped about 2%, Apple (NASDAQ:AAPL) shed about 1.6% and Google parent Alphabet (NASDAQ:GOOGL) sank about 2.3%.

Twitter (NYSE:TWTR) tumbled about 7.5% and Snap (NYSE:SNAP) dropped about 4.5%.

Dow Plunges 400 Points Midday; Twitter, Netflix, Other Techs Hammered
 

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Comments (7)
Justin Cash
justincash Oct 10, 2018 1:21PM ET
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Clash with China. See what happen?
gary ross
gary ross Oct 10, 2018 12:39PM ET
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Buy real gold.
erik maguina
erik maguina Oct 10, 2018 12:39PM ET
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well clearly those of us with not enough money are wishing the same thing
James Anderson
James Anderson Oct 10, 2018 12:33PM ET
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It is safe to say its official, markets are ****** This might be the crash they have been talking about. Not trolling just saying be careful.
James Anderson
James Anderson Oct 10, 2018 12:33PM ET
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the *'s are me saying ... snow balling.. bad stock market word I guess.
Bi Ba
Bi Ba Oct 10, 2018 12:22PM ET
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Pouring in and burning good cash for the greed-filled-republican-executives... Cash out and let stock free fall!
Suneel Sunny
Suneel Sunny Oct 10, 2018 11:52AM ET
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up from here. dow to close only 100 down
John DANDREA
JD09 Oct 10, 2018 11:50AM ET
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Somebody hold me. Lol!
Sachin Tugnayat
Sachin Tugnayat Oct 10, 2018 11:40AM ET
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Blood bath ...Will it go lower ?
Orbit Rigel
ORigel Oct 10, 2018 11:40AM ET
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Most likely
 
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