U.S. Stocks Close Lower As Tech Sector Extends Losses

By Sue Chang Markets MarketWatch Pulse

U.S. stocks fell on Monday as the tech sector extended losses with large cap tech stocks pressured for a second session. Apple Inc. skidded 2.5%, Facebook Inc. slid 0.8%, Alphabet Inc. dropped 0.9% and Microsoft Corp. lost 0.8%. The selloff comes on the back of mounting concerns over elevated valuations with a significant number of tech stocks having posted double-digit gains this year, outperforming the broader market. The S&P 500 shed 2 points, or 0.1%, to close at 2,429 and the Dow Jones Industrial Average fell 36 points, or 0.2%, to end at 21,235. The Nasdaq Composite Index slumped 32 points, or 0.5%, to close at 6,175.

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