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NEW YORK (AP) — Big tech stocks are continuing their Icarus-like flight path, and more sharp declines for them are dragging Wall Street toward a third straight loss on Tuesday.
The S&P 500 was down 1.8% in late morning trading, after sinking as much as 2.5% shortly after trading began.
Big names that had been been the main reasons for Wall Street’s rocket ride back to record heights were among the heaviest weights, including Apple, Microsoft and Amazon.
The Nasdaq composite, which is full of many tech stocks, dropped 2.3% and is down 8.3% since Wednesday’s close.
Crude oil prices and Treasury yields were also falling.
