(CNBC) – Stocks fell sharply on Thursday, retreating from all-time highs as tech — the market leader since the rebound began in late March — suffered its biggest drop in months.
The Dow Jones Industrial Average dropped 1,000 points, or more than 3%, for its biggest one-day decline since June 11. The S&P 500 slid 4.1% and the Nasdaq Composite fell by 5.6%.
"Someone hit the 'sell tech, buy dreck' button and this is creating a bid beneath beleaguered groups, while [tech] gets pummeled," said Adam Crisafulli of Vital Knowledge. "For tech specifically, the stocks are seeing large percent declines, but this comes after a massive recent rally. Tech has been untethered from fundamentals for a while and momentum can work in both directions."
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