“After the worst quarter for stocks in more than two years and another decline at the beginning of a new quarter Monday, nearly a fifth of the S&P 500’s tech sector has slipped into bear territory, led by Facebook Inc.’s decline of more than 20%,” Wallace Witkowski writes for MarketWatch.
“About 70% of the sector, including Apple Inc. is in correction territory, with big names like Microsoft Corp. flirting with correction levels,” Witkowski writes. “Some big tech companies, like Google parent Alphabet Inc. are already there and approaching bear levels.”
“A bear market is defined as 20% or more off the stock’s 52-week high, while a correction is 10% or more off the 52-week high,” Witkowski writes. “On Monday, 13 out of the tech 69 stocks on the S&P 500 index were 20% or more off their 52-week high, or at bear levels.”
Read more in the full article here.
MacDailyNews Take: A little correction never hurt anybody (as long as you’re not cashing out today) and Faceplant deserves every bit of destruction it gets and then some.