Newspaper article St Louis Post-Dispatch (MO)

Sudden Technology Tumble Continues as Stocks Fall Further

Newspaper article St Louis Post-Dispatch (MO)

Sudden Technology Tumble Continues as Stocks Fall Further

Article excerpt

NEW YORK * U.S. stock indexes slipped again Monday as technology companies, which were near record highs last week, suffered a second day of sharp losses. Investors are changing course and selling some of the best-performing stocks of the year while buying companies that have struggled.

Technology companies have surged in recent months, and on Monday almost all of the losses came from the big companies that have led the way recently: Apple, Microsoft, Facebook, and Alphabet, Google's parent company.

Julian Emanuel, an equity strategist for UBS, thinks technology stocks may fall a lot further and wind up 10 percent lower than they were last week. Stocks that have outperformed the rest of the market are due for a downturn, he said.

"Anytime that you have that degree of extreme sector outperformance, two things happen: The overall market tends to get a bit more volatile, and the leading group tends to underperform the laggards," he said. …

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