Investing.com - Technology stocks were among the worst performers midday as selling accelerated following the previous session’s historic rally.
Tech enjoyed the most gains yesterday and now faces the most profit-taking, with the Nasdaq Composite off about 2%.
The S&P 500 Information Technology index was down 2.15%, the worst performing of the major sectors.
Adding to the pressure was negative research comments on video card makers, specifically Nvidia (NASDAQ:NVDA) and Advanced Micro Devices (NASDAQ:AMD).
RBC said video card prices in the secondary market are declining, indicating lower demand, Briefing.com reported.
RBC also took its price target on Nvidia down to $200 from $230.
Nvidia fell 4.2%, while AMD lost 4.8%.
Also in the sector, Dow component Intel (NASDAQ:INTC) fell 2.3%, but Micron (NASDAQ:MU) edged up 0.3%.
The Philadelphia Semiconductor Index lost 1.6%.