The Nasdaq falls as tech plunges once again, while the Dow drops more than 400 points.
to start the week as technology shares were under pressure following their worst sell-off in more than five months last week.
The Nasdaq Composite dropped 1.7% and the Dow Jones Industrial Average plunged 438 points, or more than 1.5%. The S&P 500 slid 1.6%. At one point, the Nasdaq had fallen more than 3% and the Dow fell as much as 600 points. "High valuations in the mega-cap stocks are stretched far beyond historical levels," said Bruce Bittles, chief investment strategist at Baird. "The technical indicators – high margin debt, fully invested mutual funds, CBOE options data showing record call volume, Wall Street letter writers at bullish levels -- pointed to excessive optimism in the market which often suggests a consolidation/correction phase is likely."plunged 12.
on tech stocks continuing to surge. The tech trade could lose some of its firepower if Softbank were to curb those bets. Semiconductor stocks were under pressure amid simmering U.S.-China trade tensions. Nvidia slid 1.1% and Micron lost 1.4%. Applied Materials dropped more than 5.8%. Advanced Micro Devices pulled back by 0.7%. The VanEck Vectors Semiconductor ETF traded 1.9% lower.On Friday, stocks snapped a five-week winning streak after a big reversal in major technology stocks. Steep losses in
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