Dow Jones Industrial Average
is hit hard by trade considerations. The
is hit even harder.
When you look at the market, it looks like a sea of red. The Dow Jones Industrial Average has fallen 610.47 points, or 2.4% to 25.331.90 at 11:37 am, Monday, and none of the benchmarks are positive (although
Procter & Gamble
is only down 0.2%). The
has dropped 2.4% to 2813.50, and not many are up in the day.
(NEM), up 1.1%, tops the list.
And then it's Nasdsaq Composite. It's down 3.1% at 7673.80, which may come as something of a surprise given that it's home to tech giant's like
(Microsoft). These shares, which had been top players this year, are being hammered today. Apple is down 5.2% at $ 186.98 after the Supreme Court said the app major customers can sue. Microsoft is down 2.7% at $ 123.72, and Amazon is 3.4% at $ 1.826.29.
Of course, Nasdaq is heavily exposed to technology and technology is the worst performer in the market today: The
Technology Select sector SPDR ETF
(XLK) is down 3.4%, even more so
Industrial Select Sector SPDR ETF
(XLI), which is 3%. Tech has its own exposure to trading, through chips, Apple and other factors. But it also has another problem: Everyone loved them. When people need to sell, they start selling what they own. And they own a lot of tech.
When you live by tech stocks, you die of tech stocks.
Write to Ben Levisohn at Ben.Levisohn@barrons.com