Tech stocks take a broad beating, more than oil stocks, as all Nasdaq 100 components lose ground [MarketWatch]
International Business Machines Corporation (IBM)
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Source: MarketWatch
Despite the historic selloff in oil prices, it's the technology sector that's leading the way lower Tuesday, as the four worst performers within the Dow Jones Industrial Average are technology companies. Among ETFs tracking the S&P 500's 11 sectors, the SPDR Technology Select Sector ETF is shedding 4.2%, with 70 of its 71 equity components trading lower, while the SPDR Energy Select Sector ETF lost 2.0%. with 26 of 27 components declining. And the technology-heavy Nasdaq 100 slumped 4.1%, with all of its components losing ground. Among the Dow's biggest losers, shares of International Business Machines Corp. sank 6.1% in midday trading after the tech giant's first-quarter report out late Monday disappointed investors, Intel Corp. slid 5.1%, Microsoft Corp. shed 4.4% and Cisco Systems Inc. dropped 4.3%. Apple Inc.'s stock fell 3.2%, but was the biggest drag on the Dow as its $9.23 price decline shaved about 63 points off the index, which was down 602 points, or 2.6%. Meanwhile, of the
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