Tech Stocks Slammed On Weak Day For The Market

Perhaps it’s due to profit taking ahead of earnings season. Or maybe investors became scared early this morning when Samsung said that it expects its Q2 earnings to come in far below analyst expectations due to weakening demand for its mobile products. Whatever the reason, or reasons, traders pummeled tech stocks today in the second day of declines after the market hit an all-time high last week. The tech-heavy NASDAQ fell 1.4% while the Dow Jones Industrial Average was -0.7% to 16,907 after crossing the 17,000 mark for the first time last week. The Dow Jones U.S. Media Index slipped 1.1%. Among the tech companies we watch, Pandora was -7.3% followed by Twitter (-7.0%), Facebook (-3.9%), Netflix (-3.4%), Amazon (-2.9%), Yahoo (-2.8%), and AOL (-2.5%).

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