The technology-laden Nasdaq Composite Index on Monday was on track for its worst one-day decline since March 18, FactSet data show. The Nasdaq Composite (NASDAQ:COMP) was down 2.3% at 13,437 Monday afternoon as shares of companies like Stamps.com Inc. ] (NAS:STMP) and Scientific Games Corp. (NAS:SGMS) were down over 6%. Tech stocks lately have been in retreat after being a source of strength for the market during the height of the pandemic-led anxities of 2020. Investors have been more focused on value-oriented stocks, which lagged behind in the overall market, in recent trade as the economy is seen reopening from COVID, which has favored sectors like energy, financials and industrials over growthier areas like technology. The Dow Jones Industrial Average (DOW:DJIA) , in contrast, on Monday was trading in record territory, though well off its best levels of the session. The S&P 500 index (S&P:SPX) was off 0.8% at 4,198, weighed bny selling in tech.
May 10, 2021, 2:52 p.m. EDT