Business

Wall Street tumbles as tech shares slide

Punjab News Express | May 21, 2019 10:49 AM

NEW YORK:  US stocks extended losses as the market was dragged down by a steep sell-off in tech-related shares.

The Dow Jones Industrial Average on Monday dropped 84.10 points, or 0.33 per cent, to 25,679.90. The S&P 500 dipped 19.30 points, or 0.67 per cent, to 2,840.23, Xinhua news agency reported.

The Nasdaq Composite Index was down 113.91 points, or 1.46 per cent, to 7,702.38.



Chipmaker stocks fell broadly. Both Nvidia and Advanced Micro Devices closed about 3 per cent lower. Qualcomm and Lam Research slid 5.99 per cent and 5.4 per cent, respectively.



Other US tech giant stocks or the so-called FAANG group of Facebook, Apple, Amazon, Netflix and Google-parent Alphabet, closed lower.



Eight of the 11 primary S&P 500 slipped, with technology down 1.75 per cent, leading the laggards.



The US financial market has been pressured these days as investors grew concerned about global trade tensions.



The Cboe Volatility index, widely considered the best fear gauge in the stock market, increased 2.19 per cent to 16.31 on Monday.



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