By Benjamin Pimentel
Technology stocks fell sharply Monday in a broad sell-off
triggered by renewed concerns about the health of the global
economy.
The Nasdaq Composite Index (RIXF) was tumbled 2.75% to 1,931,
after flirting with the 2,000 mark over the past week.
Virtually every major tech stock was in the red, with shares of
Apple Inc. (AAPL) and Nvidia Corp. (NVDA) down more than 4%.
Shares of Google Inc. (GOOG), eBay Inc. , Amazon.com (AMZN) and
Advanced Micro Devices (AMD) lost more than 3%.
Hewlett-Packard (HPQ) traded down 2.2% as the computing giant
geared up for its quarterly report on Tuesday.
Despite the market decline, analysts hope H-P's results will
point to a stabilizing tech market.
"Recent industry data points indicate stability in the
enterprise market while consumer and government markets remain
relatively healthy helped by fiscal stimulus," Kaufman Bros.
analyst Shaw Wu said Monday in a note on H-P.
But declines in overseas markets highlighted fears that the
worst is not over.
The Morgan Stanley High Tech 35 Index (MSH) and the Philadelphia
Semiconductor Index (SOX) were each down nearly 3%.
The Dow Jones Industrial Average (DJI) lost 186 points.