Tech sector suffering most in US
NEW YORK -Technology companies are suffering some of the US stock market's biggest losses, sending the Nasdaq-100 Index to the longest losing streak in its 25-year history.
The measure, which gets 63 percent of its value from computer-related companies such as Microsoft Corp and Apple Inc, has declined 9.7 percent after slumping 10 consecutive days. Microsoft has tumbled 26 percent since peaking on April 22, while Apple has fallen 9.9 percent in two weeks.
"There is an orderly liquidation of equity positions by traders who are taking risk units off the table," said Kevin Caron, a market strategist at Stifel Nicolaus & Co in Florham Park, New Jersey, whose clients have about $90 billion in assets. "Nasdaq is typically the home of high beta risk units. It makes perfect sense."
