U.S. Shares Tumble For a Second Day As Tech Stocks Extend Losses

U.S. stock market stumbled on Monday, losing ground for a second straight session as sharp declines in shares of technology companies weighed down overall performance.

While the tech-heavy Nasdaq Composite Index dropped 1.05 percent following a decline of 1.8% on Friday, the S&P 500 index shed more than 0.4 percent with seven out of the benchmark’s 11 sectors trading lower.

The selloff in technology stocks showed no signs of slowdown with shares of the top-five tech leaders which are Facebook, Amazon , Apple, Microsoft and Alphabet all in negative zone. Especially, shares of Apple plunged 3.66 percent after their shares were downgraded for the second time in a week.

The technology sector led losses, down 1.2%, while telecom and energy shares were up 0.9%.

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