Tech Stocks Fall

Technology stocks including Facebook, Microsoft and Alphabet dropped sharply on Monday, increasing worries that the top-performing sector is falling out of favor as investors look elsewhere for cheaper opportunities. Facebook fell 4.6%, on track for its worst day in nearly a year and eliminating over $20 billion of its market value, while Microsoft, Apple and Alphabet each lost more than 1%, Reuters reported. Underscoring growing concerns about a shift in investor focus, a quarter of the 68 stocks in that technology index have seen recent drops of 10% or more, which many on Wall Street define as a correction. Apple approached correction territory as investors fretted about demand for its newest iPhones. Investors dumped recent tech favorites including Nvidia, down 4.04%, and Applied Materials, which lost 3.47%. Videogame makers were also hard hit: Activision Blizzard and Electronic Arts both lost more than 3%.