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Tech stocks lead broad decline on Wall Street

S&P 500 technology dropped 1.21% led by declines such as Apple, Microsoft, Facebook


US stocks opened lower on Thursday, with technology shares leading a broad decline amid worries over stretched valuations. The S&P 500 technology sector dropped 1.21 per cent, led by declines in index heavyweights such as Apple, Microsoft and Facebook. The latest round of selloff in tech shares follows a two-day rout earlier this week. Investors have been locking in gains in a sector that had risen 16.7 per cent this year, far outperforming other sectors. "Stocks have been at all-time highs and valuations are somewhat priced to perfection so a little bit of a pullback is ...

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First Published: Thu, June 15 2017. 20:44 IST