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Tech selloff slams Nasdaq

Credit: Reuters Studio
Published on June 3, 2019 - Duration: 01:02s

Tech selloff slams Nasdaq

Regulatory fears hurt big name tech stocks Monday, dragging down the Nasdaq and the S&P 500 on the first trading day of June.

Fred Katayama reports.

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Tech selloff slams Nasdaq

Tech stocks slammed the Nasdaq and pulled the S&P 500 lower on the first trading day of June following a miserable May.

And data showing a slowdown in manufacturing activity drove investors to buy Treasury bonds.

The Nasdaq is now down more than 10 percent from its record high, dropping into what Wall Street calls correction territory.

Ladenburg Thalmann Asset Management CEO Phil Blancato says it's time investors take some profit.

SOUNDBITE: LADENBURG THALMANN ASSET MANAGEMENT CEO PHILIP BLANCATO (ENGLISH) SAYING: "Take the overweight off.

There's no reason to be risky here when all the underpinnings of the economy are softening." Regulatory concerns dogged some big name tech stocks.

Shares of Amazon, Apple, Facebook and Google parent Alphabet dropped.

Sources told Reuters the U.S. government is gearing up to investigate the market power of those four tech giants.

They say Amazon and Facebook will come under the watch of the Federal Trade Commission, while Apple and Google under the Justice Department.

Amgen among the S&P's big gainers.

The biotech company said its drug showed a high response rate in a small trial of lung and colon cancer treatments.

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