Tech Sector Suffers Huge Selloff, Led By Netflix

Shares of major technologies companies fell sharply in early trade on Monday, mirroring a broader market selloff that had the Dow Jones Industrial Average down more than 600 points. Among the biggest movers were social-media stocks Facebook Inc. , which fell nearly 7%, and Twitter Inc. , down more than 8%. Netflix Inc. fell 11.5%, while Box tumbled 15%. Elon Musk's Tesla Motors Inc. fell 6%, while those of SolarCity , the solar-panel company on which he serves as chairman, fell 9%. Shares of Etsy Inc. , Fitbit and Shopify , which all went public this year, fell 7%, 11.5% and 10%, respectively. Of the companies based in China, Weibo Corp. fell 14%, while e-commerce giant Alibaba Group slumped 6%. Of the two major tech-industry ETFs, the Technology Select Sector SPRD Fund fell 5.5%, while the PowerShares QQQ Trust slumped 4%.