Economics
Tech Selloff Caps Week of Reversals
- Disappointing readings on services, labor raise flags
- Technology shares sell off amid earnings, revenue misses
Why Tech Shares Plunged in U.S. Trading
This article is for subscribers only.
Investors expecting the American economy to jolt equities out of their 2016 funk saw those hopes dashed this week as fresh signs of sluggishness sparked a selloff in technology and consumer shares with the highest valuations.
The Nasdaq 100 Index plunged 6 percent in the week, with declines on Friday sparked by a mixed labor report that sent 90 percent of the gauge’s members lower for the five days. Disappointing results from LinkedIn Corp. to Tableau Software Inc. fed fears that momentum shares are hitting a wall at the same time economic data showed growth slowing in the services and manufacturing industries.