Tech stocks too a steep drop Tuesday to start the week as technology shares were under pressure following their worst sell-off in more than five months last week.
Overall, the Nasdaq Composite was down nearly 2% by late morning, and the Dow Jones Industrial Average plunged 438 points, or more than 1.5%. The S&P 500 slid 1.6%.
Bruce Bittles, chief investment strategist at Baird noted, “High valuations in the mega-cap stocks are stretched far beyond historical levels.
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