Tech stocks tumble, taking down Nasdaq as big names sink


(From Reuters)

The Nasdaq Composite .IXIC dropped 113.85 points, or 1.8 percent, to end at 6,207.92.

The Dow Jones Industrial Average .DJI rose 89.44 points, or 0.42 percent, to 21,271.97, while the S&P 500 .SPX lost 2.02 points, or 0.08 percent, to 2,431.77.

Apple Inc (AAPL.O) shares fell 3.9 percent in their biggest daily percentage decline since April 2016 and were the biggest weight on the three major indexes, after a report that iPhones to be launched later this year will use modem chips with slower download speeds than some rival smartphones.

Facebook Inc (FB.O) fell 3.3 percent, its biggest decline since November 2016, and Alphabet (GOOGL.O) ended down 3.4 percent, its worst day since June 2016. Microsoft Corp (MSFT.O) fell 2.3 percent. chipmaker Nvidia (NVDA.O) closed down 6.5 percent at $149.60 after Citron Research said the stock could trade back to $130.

Kepner said the combination of the comments on Nvidia and a cautious Goldman Sachs report about tech stocks was leading to a “little air coming out of the balloon.”

The “balloon”?

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