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

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.