Tech stocks continue to pull back, dragging market lower
NEW YORK (AP) — Big technology stocks are opening sharply lower again on Wall Street, continuing a pullback that began last Thursday and Friday.
The tech-heavy Nasdaq index dropped another 2.9% in the early going on Tuesday, the first day of trading after the Labor Day holiday in the U.S. The S&P 500 was down 1.8%.
The deflation in high-flying tech stocks came after an eye-popping rally this year for the sector that many market watchers said was overblown.
The Nasdaq is still up 22% this year versus a 4% gain for the S&P 500. Crude oil prices fell sharply, and Treasury yields dropped.
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