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Dow plunges more than 600 points and Nasdaq falls into correction

Wednesday - 24/10/2018 16:40
Shares of Facebook fell 4% Wednesday. Amazon dropped 5%. Even the mighty Apple (AAPL), which reports its earnings next week, was down about 3%.
CNN.com / The case for rotating out of major tech stocks
CNN.com / The case for rotating out of major tech stocks

New York (CNN Business) - The stock market plunged Wednesday, wiping out all of its gains for 2018.

The Dow fell more than 600 points, a 2.4% drop. The S&P 500 sank more than 3%.

The tech-heavy Nasdaq plummeted more than 4% -- its worst daily drop since August 2011. It is now in a correction, falling nearly 13% from its all-time high set earlier this year. Tech stocks sank following disappointing results from Texas Instruments and AT&T, CNN's parent company.

Netflix kicked off tech earnings season last week when it reported a healthy jump in subscribers. But the party was short-lived for Netflix and fellow FANG stocks Facebook, Amazon and Google. Netflix (NFLX) fell more than 9% Wednesday and is down 17% in the past week.
"You can't just say tech is going to do great or even that FANG is going to do great. You have to be more selective," said Daniel Morgan, senior portfolio manager with Synovus Trust Company.

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