Technology stocks took a huge hit as part of a larger market sell-off on Wednesday, amid concerns about higher interest rates and a looming trade war with China. According to Buzzfeed News, the Dow Jones Industrial Average dropped 830 points, its largest drop since February. The S&P 500 fell to its lowest point in three months.
President Donald Trump was briefed on the sell-off, according to multiple reports. One senior White House official told CNBC, “This is a bull market correction. It’s probably healthy. This will pass and the US economy remains strong.”
Tech stocks have seen significant gains throughout 2018, but they were among the stocks that suffered the most damage. Amazon was up more than 50 percent since the start of the year, and it fell 6 percent. Netflix closed the day down 8.4 percent. Apple’s stock had increased nearly 40 percent since last April. It fell 4.6 percent on concerns about trade tensions between China and the U.S.
Apple’s market value fell by one Tesla today
— Tom Gara (@tomgara) October 10, 2018
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