Tech Stocks Drop Again as Market Volatility Continues

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Trader Peter Tuchman, right, works on the floor of the New York Stock Exchange Thursday, April 10, 2014. U.S. stock indexes are slipping lower in early trading Thursday as investors pick over a mixed batch of corporate earnings reports.

Image: Richard Drew/Associated Press

By Jason Abbruzzese2014-04-10 18:11:43 UTC

Tech stocks continued their recent volatility on Thursday with a sharp dip led by biotechnology companies but followed by some of the major industry names.

The Nasdaq Composite index of technology stocks had dropped 2.7% in early afternoon trading. Google fell 2.7%, Facebook lost 4.8%, Amazon was down 3.7% and Yahoo declined 4.7%.

See also: Comparing the Performance of 10 Major Tech Stocks in 2013

Smaller tech stocks that have experienced a dramatic run-up in prices over the last year were among the hardest hit, with Netflix off 4.4%, Pandora 9.8% lower and LinkedIn down by 4.4%.

The broader market also declined, although not as much as the tech sector. The S&P 500 benchmark index fell 1.6% and the Dow Jones Industrial Average lost 1.2%.

The recent volatility comes despite reasonably strong U.S. economic numbers. It has also coincided with a renewed confidence in Europe from investors.

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Topics: Business, nasdaq, stock market, Tech stocks