80% of tech, Wall Street’s favorite sector, is in a correction

Wednesday’s stock-market rout ended with 80 percent of technology stocks in correction territory.

As of Wednesday’s close, 52 of 65 components in the S&P 500 tech sector were down at least 10 percent from their 52-week high.

Western Digital and Applied Materials finished the day down 49.4 percent and 44.8 percent, respectively, from their one-year highs. HP Inc. and Oracle, meanwhile are down 10.4 percent and 11.4 percent, respectively, from those levels.

Tech has been Wall Street’s favorite sector this year as investors bet high-flying stocks like Alphabet and Apple will continue to post strong earnings growth. However, the sector dropped 4.8 percent on Wednesday, its biggest one-day slide since 2011.

The Dow dropped more than 800 points on fears of rising interest rates.

Check out all the tech stocks that are in a correction:

Comments are closed.