Finance

Tech stocks in retreat as NASDAQ Composite Index closes down 2.14 percent

Facebook was especially hard hit, declining by nearly five percent on the day

by Charlie Smith on October 4th, 2021 at 2:39 PM
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      This was not a good day for tech investors with several large companies losing billions in market value.

      For example, Facebook shares plunged 4.89 percent to close at US$326.23.

      It's been a rough 24 hours for the company founded by Mark Zuckerberg.

      On October 3, a former Facebook insider, Frances Haugen, gave a damning interview to 60 Minutes about the company's handling of hate speech and misinformation.

      Then today (October 4), the company's chief technology officer, Mike Schroepfer, apologized on Twitter for outages of Facebook-powered services.

      Meanwhile, America's most valuable publicly traded company, Apple, also saw its shares tumble, falling 2.46 percent to close at US$139.14.

      Alphabet Class A shares dipped by 2.11 percent to close at US$2,673.19. Microsoft shares declined by 2.07 percent to end the day at US$283.11.

      Things weren't quite as bad for Netflix, which saw its share price dip 1.6 percent to close at US$603.35.

      Amazon is technically an ecommerce stock, not a tech stock, but it was also pasted, falling 2.85 percent to close at US$3,189.78.

      Another ecommerce stock, Etsy, saw its share price sink by 2.76 percent to close at US$198.72.

      And the semiconductor company NVIDIA was off by 4.87 percent to close at US$197.32.

      Many tech stocks are listed on NASDAQ. Its composite index fell 2.14 percent.

      That compared to a 1.3 percent decline in the broad-based S&P 500 index and a 0.94 percent drop in the blue-chip Dow Jones Industrial Average.

      The TSX index endured a more moderate decline, falling 0.49 percent on the day.

      One of the tech darlings on the TSX, Lightspeed Commerce, was one of the biggest losers, falling 8.5 percent.

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