Shares of technology companies fell as the Nasdaq Composite slipped deeper into correction territory.
"We're reassessing every asset at the moment," said Joe Kinahan, chief market strategist at TD Ameritrade. "When you're in the process of reassessing assets that were absolutely screaming as they went up, sometimes it gets done again as they come down."
Selling is particularly heavy in the "stay-at-home stuff," said Mr. Kinahan, saying that a return to office work has hurt the prospects of companies such as Zoom Video Technologies, and, to a lesser extent, big tech players such as Apple and Microsoft.
The SPDR Select Sector Technology exchange-traded fund, which tracks the tech industry group of the Standard & Poor's 500, initially surged before returning to negative territory late in the session. The tech sector of the S&P 500 remains about 8.7% lower for 2022 to date.
A Senate panel approved antitrust legislation forbidding the largest tech platforms from favoring their own products and services over competing ones, moving one of the first major pieces of Big Tech regulation to the Senate floor for a vote.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
01-20-22 1720ET
