Software stocks head for worst selloff in nearly 3 years as tech continues to get beaten up [MarketWatch]
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Source: MarketWatch
Software stocks head for worst selloff in nearly 3 years as tech continues to get beaten up Tech stocks got hammered Monday, leading the broader market lower as the software sector faced its worst selloff in nearly three years. On Monday, tech stocks were the worst performing sector of the S&P 500 index’s SPX, -1.66% 11 sectors, dropping 3.9%, as the index declined 1.7%, and the Technology Select Sector SPDR ETF XLK, -3.81% was down 3.6%. Tech stocks have had a rough time since the beginning of October as the sector has seen three other sessions of 3% or more losses since Oct. 10. The tech-heavy Nasdaq Composite Index COMP, -3.03% fell 2.9%. Additionally, the Dow Jones Industrial Index DJIA, -1.56% was down 1.8%. Common to all those, shares of Apple Inc. AAPL, -3.96% fell 3.8% following a report that the company was planning a second round of iPhone production cuts. The heaviest losses in tech, however, appeared to show up in the software sector. The iShares North Amer
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