By Benjamin Pimentel
The tech sector tumbled Thursday, caught in a broad market
sell-off as investors reacted to gloomy news about the U.S.
employment picture.
The Nasdaq Composite Index (RIXF) lost 2.7% to close at
1,797.
The Dow Jones Industrial Average (DJI) slumped by 223 points.
Investors were in a mood to sell after it was reported that the
U.S. unemployment rate rose to 9.5% in June, up from May's 9.4%,
and that the number of nonfarm payroll jobs shed last month was
significantly higher than forecast.
The Morgan Stanley High Tech 35 Index (MSH) moved down 2.4%,
while the Philadelphia Semiconductor Index (SOX) sank 1.2%.
Major tech bellwethers led the retreat, including shares of
Microsoft Corp. (MSFT), Amazon.com (AMZN) and Apple Inc.
(AAPL).
Shares of TiVo Inc. (TIVO) fell 15.6%, undermined by a federal
appeals court's decision granting EchoStar a stay of a contempt
order imposed a U.S. district court in patent litigation.
A few tech players managed to stay afloat, including shares of
FormFactor (FORM) and Broadcom Corp. (BRCM).