Megacap Tech Stocks Drive Nasdaq to Biggest Tumble Since March
- Nasdaq 100 declines 5.2%, with Apple and Tesla hammered
- Warning signs mounted throughout the week after historic run
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The megacap tech shares that drove stocks to record after record plunged Thursday as bearish investors reclaimed the upper hand on U.S. equity markets, at least for a day.
The Nasdaq 100 sank 5.2% and posted its biggest rout since March. Apple Inc., Tesla Inc. and Amazon.com Inc., among the biggest contributors to the historic five-month rally, lost at least 4.6%. The index had gained in 11 of 13 sessions to notch records almost daily, defying strategists who warned that valuations had become too stretched.