Stocks sank on Wednesday as a steep decline in tech shares and worries of rapidly rising rates sent Wall Street on pace for its worst day in eight months.
Shares of Amazon declined 6.2 percent on Wednesday, while Netflix slid 8.4 percent. Facebook and Apple also fell more than 4 percent each. These stocks are top performers for the year and for most of the bull market. For the overall tech sector in the S&P 500, it was the worst day in seven years, dropping 4.8 percent.
"People are getting out of the high-flying tech names right now," said Larry Benedict, CEO of The Opportunistic Trader. "I think people are under-hedged; there could be more pain ahead."...
I have consistently complimented Mr. Trump on two things - his support of Israel and the way the stock market has gone up under his administration. Now there is only one thing I can compliment him on - unless the stock market returns to higher levels.