Shares of technology companies fell sharply as the 2022 stock rout looked set to be one of largest in recent decades.
The SPDR Select Sector Technology exchange-traded fund, which tracks the information technology industry group of the S&P 500, fell by more than 4% and is now down over 30% from its 2021 peak.
The broad index entered bear-market territory, retreating more than 20% from its recent peak.
The pandemic-era bull market began in March 2020, and was led from the offset by mega cap tech stocks such as Apple and Tesla. Shares of electric-car maker Tesla have fallen by almost half since their peak in November of last year. Apple shares are down by 27% for the year to date.
Amazon.com's long-planned drone-delivery service will make its U.S. debut this year.
The price of bitcoin tumbled again, making its recent selloff the third-deepest in the cryptocurrency's 13-year history.
The latest selling was sparked by a warning from Celsius Network, which said it was pausing all withdrawals, swaps between cryptocurrencies and transfers between accounts "due to extreme market conditions."
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
06-13-22 1715ET
