Tech stocks sold off sharply for the second consecutive day Thursday following the Republican sweep of the White House and Congress. The heavily tech-weighted NASDAQ Composite dropped nearly 80 points, or 1.7%, while the Technology Select Sector SPDR Fund , whose biggest holdings include Apple Inc. and Alphabet Inc. , fell 2.6%, and the PowerShares QQQ Trust , another popular tech-sector ETF, fell 2.5%. Those declines came despite an 80-point rally for the Dow Jones Industrial Average and a 9-point decline for the S&P 500 . Among the biggest decliners were Google, down 4%; Apple, down 3.2%; and Microsoft Corp. , down 3.5%. Shares of Tesla Motors Inc. , Advanced Micro Devices Inc. , Netflix Inc. and Qualcomm Inc. all fell around 5%. President-elect Donald J. Trump warned of a tech bubble during his general-election campaign, and said that he would force companies that manufacture most of their goods in China - especially common among electronics makers - to move business back to the U.S.
Copyright © 2016 MarketWatch, Inc.
Continue Reading Below